BlackRock 20/80 Target Allocation Fund, Investor A (BACPX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05742

Name of Fund: 

BlackRock Funds

^SM

BlackRock Emerging Markets ex-China Fund

BlackRock Sustainable Advantage Emerging Markets Equity Fund

BlackRock Sustainable Advantage Global Equity Fund

BlackRock Sustainable Advantage International Equity Fund

BlackRock Tactical Opportunities Portfolio

Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock Funds

^SM

, 50 Hudson Yards, New York, NY 10001

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 04/30/2024

Date of reporting period: 04/30/2024

Item 1 – Report to Stockholders

(a)

The Report to Shareholders is attached herewith.

(b)

Not Applicable

APRIL

30,

2024

Not

FDIC

Insured

-

May

Lose

Value

-

No

Bank

Guarantee

2024

Annual

Report

BlackRock

Funds

SM

BlackRock

Emerging

Markets

ex-China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

April

30,

2024.

Higher

interest

rates

helped

to

rein

in

inflation,

and

the

Consumer

Price

Index

decelerated

substantially

while

remaining

above

pre-pandemic

levels.

A

moderating

labor

market

helped

ease

inflationary

pressure,

although

wages

continued

to

grow.

Wage

and

job

growth

powered

robust

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

has

had

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

robust

during

the

period,

as

interest

rates

stabilized

and

the

economy

proved

to

be

more

resilient

than

many

investors

expected.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

second

half

of

2023.

Large-capitalization

U.S.

stocks

posted

particularly

substantial

gains,

supported

by

the

performance

of

a

few

notable

technology

companies,

while

small-capitalization

U.S.

stocks’

advance

was

slower

but

still

impressive.

Meanwhile,

both

international

developed

market

equities

and

emerging

market

stocks

also

gained,

albeit

at

a

notably

slower

pace

than

that

of

U.S.

stocks.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

However,

higher

yields

drove

solid

gains

in

shorter-duration

U.S.

Treasuries.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

twice

during

the

12-month

period,

but

paused

its

tightening

after

its

July

meeting.

The

Fed

also

continued

to

reduce

its

balance

sheet

by

not

replacing

some

of

the

securities

that

reach

maturity.

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

stopped

tightening

for

now,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period,

and

recent

statements

from

the

Fed

seem

to

support

this

view.

In

this

new

regime,

we

anticipate

greater

volatility

and

dispersion

of

returns,

creating

more

opportunities

for

selective

portfolio

management.

Looking

at

developed

market

stocks,

we

have

an

overweight

stance

on

U.S.

stocks

overall,

particularly

given

the

promise

of

emerging

AI

technologies.

We

are

also

overweight

Japanese

stocks

as

shareholder-friendly

policies

generate

increased

investor

interest,

although

we

maintain

an

underweight

stance

on

European

stocks.

In

credit,

we

believe

there

are

selective

opportunities

in

the

near

term

despite

tighter

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries

and

hard-currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

blackrock.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock

Advisors,

LLC

The

Markets

in

Review

Rob

Kapito

President,

BlackRock

Advisors,

LLC

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

April

30,

2024

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

20.98

%

22.66

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

19.66

13.32

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

18.63

9.28

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

15.40

9.88

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.66

5.36

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

3.66

(6.40

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

4.97

(1.47

)

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

7.06

2.08

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

8.99

9.01

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

.................................................................................................

19

Disclosure

of

Expenses

...................................................................................................

19

Derivative

Financial

Instruments

.............................................................................................

20

Financial

Statements:

Schedules

of

Investments

...............................................................................................

21

Statements

of

Assets

and

Liabilities

.........................................................................................

66

Statements

of

Operations

................................................................................................

71

Statements

of

Changes

in

Net

Assets

........................................................................................

73

Financial

Highlights

.....................................................................................................

76

Notes

to

Financial

Statements

...............................................................................................

93

Report

of

Independent

Registered

Public

Accounting

Firm

..............................................................................

110

Important

Tax

Information

.................................................................................................

111

Statement

Regarding

Liquidity

Risk

Management

Program

.............................................................................

112

Trustee

and

Officer

Information

..............................................................................................

113

Additional

Information

....................................................................................................

117

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

119

Fund

Summary

as

of

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

4

BlackRock

Emerging

Markets

ex-China

Fund

Investment

Objective

BlackRock

Emerging

Markets

ex-China

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

long-term

capital

appreciation

by

investing

in

securities

of

issuers

in

countries

having

developing

capital

markets

(other

than

China).

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

April

30,

2024,

all

of

the

Fund’s

shares

classes

underperformed

its

benchmark,

the

MSCI

Emerging

Markets

ex-China

Index.

What

factors

influenced

performance?

From

a

country

perspective,

selection

in

India

and

an

overweight

to

Indonesia

detracted

the

most

from

relative

performance,

during

the

reporting

period.

In

sector

terms,

selection

in

consumer

staples

and

energy

were

the

primary

detractors.

At

the

individual

stock

level,

an

overweight

to

Indian

bank

HDFC

Bank

Ltd

was

the

largest

detractor

from

relative

performance.

The

company

posted

poor

results

with

another

quarter

of

net

interest

margin

deterioration,

counter

to

the

market's

expectations

amid

tighter

liquidity

conditions.

An

overweight

to

Brazilian

retail

stock

Arezzo

Industria

e

Comercio

SA

also

detracted

as

the

company’s

results

showed

weakening

margins.

In

terms

of

countries,

selection

in

Taiwan

and

Korea

contributed

the

most

to

relative

performance

during

the

period.

In

sector

terms,

an

underweight

to

materials

and

selection

in

industrials

were

the

primary

contributors.

At

the

individual

stock

level,

an

overweight

to

Brazilian

real

estate

company

Cyrela

Brazil

Realty

SA

contributed

the

most

to

performance

on

the

back

of

operational

momentum

and

lending

support

for

home

buyers.

Kazakh

fintech

Kaspi

KZ

JSCm

GDR

was

another

leading

contributor

as

the

stock

recorded

a

record

high

following

the

company’s

strong

fourth

quarter

earnings

report

and

successful

United

States

listing.

The

Fund’s

cash

position

had

no

material

impact

on

performance.

Describe

recent

portfolio

activity.

During

the

reporting

period,

the

Fund

initiated

a

position

in

Brazilian

mining

company

Vale

SA

on

stock

price

weakness

following

the

collapse

of

a

tailings

dam

at

one

of

its

mines

and

added

to

the

position

as

strong

iron

ore

prices

attracted

additional

supply.

The

Fund

added

to

Taiwan

Semiconductor

Manufacturing

Co

Ltd

on

expectations

of

accelerating

artificial

intelligence-driven

demand

and

a

bottoming

out

of

the

semiconductor

cycle.

The

Fund

trimmed

its

holdings

of

multinational

mining

company

Eldorado

Gold,

taking

profits

after

strong

performance.

The

Fund

exited

its

position

in

Lotes

Co

Ltd,

a

Taiwanese

electronic

component

manufacturer,

to

take

profits

and

rotate

into

higher

conviction

names

within

the

space.

Describe

portfolio

positioning

at

period

end.

At

period

end,

the

Fund’s

largest

sector

overweights

were

to

information

technology

and

real

estate,

with

financials

and

communication

services

the

biggest

underweights.

On

a

country

basis,

the

Fund’s

largest

overweight

exposures

were

to

Brazil

and

Hungary,

while

the

largest

underweight

allocations

were

to

India

and

Saudi

Arabia.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2024

(continued)

5

Fund

Summary

BlackRock

Emerging

Markets

ex-China

Fund

GROWTH

OF

$10,000

INVESTMENT

The

Fund

commenced

operations

on

March

29,

2023.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

Under

normal

circumstances,

the

Fund

invests

at

least

80%

of

its

net

assets

plus

any

borrowings

for

investment

purposes

in

securities

of

issuers

located

in

countries

with

developing

capital

markets

(other

than

China),

and

derivatives

with

similar

economic

characteristics.

(c)

An

index

that

captures

large

and

mid

cap

representation

across

23

of

the

24

Emerging

Markets

(EM)

countries

excluding

China.

With

662

constituents,

the

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Performance

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

March

29,

2023.

N/A—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

..........................................................................

17.18‌%

N/A‌

19.41‌%

N/A‌

Investor

A

...........................................................................

16.99‌

10.85‌%

19.13‌

13.37‌%

Class

K

............................................................................

17.22‌

N/A‌

19.45‌

N/A‌

MSCI

Emerging

Markets

ex-China

Index

.....................................................

17.60‌

N/A‌

18.07‌

N/A‌

Fund

Summary

as

of

April

30,

2024

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

6

BlackRock

Emerging

Markets

ex-China

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,169.60‌

$

4.96‌

$

1,000.00‌

$

1,020.29‌

$

4.62‌

0.92‌%

Investor

A

................................

1,000.00‌

1,168.80‌

6.09‌

1,000.00‌

1,019.24‌

5.67‌

1.13‌

Class

K

..................................

1,000.00‌

1,170.00‌

4.48‌

1,000.00‌

1,020.74‌

4.17‌

0.83‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Taiwan

...........................................

20.3‌

%

India

............................................

14.5‌

South

Korea

.......................................

13.9‌

Brazil

............................................

11.7‌

Indonesia

.........................................

4.6‌

Mexico

...........................................

3.0‌

Thailand

..........................................

2.6‌

Poland

...........................................

2.6‌

Philippines

........................................

2.6‌

United

Arab

Emirates

.................................

2.5‌

United

States

......................................

2.3‌

Saudi

Arabia

.......................................

2.3‌

Hungary

..........................................

2.0‌

Greece

..........................................

1.6‌

Canada

..........................................

1.5‌

Kazakhstan

.......................................

1.4‌

Italy

.............................................

1.0‌

Other

(a)

...........................................

6.4‌

Short-Term

Securities

.................................

3.6‌

Liabilities

in

Excess

of

Other

Assets

.......................

(0.4‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

April

30,

2024

7

Fund

Summary

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

April

30,

2024,

all

of

the

Fund’s

share

classes

underperformed

its

benchmark,

the

MSCI

Emerging

Markets

Index.

What

factors

influenced

performance?

While

emerging

market

equities

ended

the

reporting

period

in

positive

territory,

they

continued

to

significantly

trail

their

developed

market

counterparts.

The

period

was

highlighted

by

heightened

volatility

driven

by

concerns

around

geopolitical

tensions,

central

bank

policy

shifts

and

sector-specific

trends.

Performance

during

the

first

half

of

the

period

was

challenged

by

weakened

sentiment

with

respect

to

China

alongside

a

broader

risk-off

trend

on

concerns

around

inflation

and

interest

rates.

Indian

equities

were

a

bright

spot

as

global

investors

increasingly

viewed

that

market

as

an

alternative

to

China.

Additionally,

Poland

continued

its

rebound

since

the

onset

of

the

Ukraine

conflict.

Asian

equity

market

performance

was

supported

late

in

the

period

given

signs

of

stabilization

from

China

and

as

optimism

around

artificial

intelligence

(“AI”)

drove

the

semiconductor

sector

higher.

In

style

terms,

there

was

a

notable

rotation

in

performance

leadership,

with

value

dominating

early

while

momentum

came

to

the

forefront

late

in

the

period.

The

Fund

performance

relative

to

the

benchmark

was

negatively

impacted

as

macro

measures

detracted

amid

changing

leadership

and

sentiment

during

the

period.

As

investors

flipped

from

“higher-for-longer”

to

“peak-interest

rate”

scenarios

rewarding

growth,

performance

for

certain

country

insights

was

negatively

impacted.

Further,

an

environmental

measure

evaluating

companies

based

on

green

patents

drove

an

unsuccessful

underweight

to

India.

Finally,

certain

sentiment

measures

detracted

along

with

insights

designed

to

evaluate

informed

investor

positioning

and

broker

concentration.

Certain

stock

selection

insights

supported

the

Fund’s

performance

during

the

period

including

select

sentiment

insights.

Trend

based

insights

designed

to

evaluate

sentiment

from

analysts

and

informed

investors

were

top

contributors

as

they

helped

correctly

position

the

portfolio

around

the

AI

narrative,

most

notably

through

an

overweight

to

Taiwanese

technology

companies.

Additionally,

a

text-based

insight

looking

at

analyst

reports

drove

an

overweight

to

Poland

that

benefited

performance.

Fundamental

measures

proved

additive

as

these

benefited

from

interest

rate

moves

that

broadly

rewarded

value

styles

early

in

the

period.

Traditional

valuation

insights

tracking

company

sales,

cash

flow,

dividends

and

other

financial

metrics

highlighted

contributions,

driving

successful

positioning

around

Korean

offshore

names.

Describe

recent

portfolio

activity.

Over

the

course

of

the

period,

the

portfolio

maintained

a

balanced

allocation

of

risk

across

all

major

return

drivers.

There

were,

however,

several

new

signals

added

within

the

stock

selection

group

of

insights.

The

Fund

built

upon

its

alternative

data

capabilities

with

enhanced

data

sets

that

capture

informed

investor

positioning

in

specific

regions.

Additionally,

the

Fund

added

to

its

complex

of

consumer

intent

insights

with

a

measure

that

looks

towards

web

activity

as

a

measure

of

potential

revenue

growth.

The

Fund

also

further

developed

its

country-specific

employee

sentiment

data

sets

in

Asia.

Finally,

given

geopolitical

tensions,

the

Fund

developed

a

new

insight

analyzing

the

impact

as

manufacturing

activity

is

shifted

across

countries.

Describe

portfolio

positioning

at

period

end.

Relative

to

the

benchmark,

the

Fund

ended

the

reporting

period

positioned

essentially

neutral

from

a

sector

and

country

perspective.

The

Fund

had

a

slight

overweight

to

the

information

technology

and

industrials

sectors

and

a

slight

underweight

to

consumer

discretionary

and

materials.

The

Fund

had

a

slight

overweight

to

Taiwan

and

a

slight

underweight

to

Mexico.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2024

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

8

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

GROWTH

OF

$10,000

INVESTMENT

The

Fund

commenced

operations

on

August

18,

2020.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

issued

by,

or

tied

economically

to,

companies

in

emerging

markets

and

derivatives

that

have

similar

economic

characteristics

to

such

securities.

(c)

An

index

that

captures

large-

and

mid-cap

representation

across

emerging

markets

countries.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Performance

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

August

18,

2020.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

..........................................................................

7.06‌%

N/A‌

(0.23‌)%

N/A‌

Investor

A

...........................................................................

6.78‌

1.18‌%

(0.48‌)

(1.92‌)%

Class

K

............................................................................

7.11‌

N/A‌

(0.18‌)

N/A‌

MSCI

Emerging

Markets

Index

............................................................

9.88‌

N/A‌

0.88‌

N/A‌

Fund

Summary

as

of

April

30,

2024

(continued)

9

Fund

Summary

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,129.30‌

$

4.55‌

$

1,000.00‌

$

1,020.59‌

$

4.32‌

0.86‌%

Investor

A

................................

1,000.00‌

1,128.70‌

5.87‌

1,000.00‌

1,019.34‌

5.57‌

1.11‌

Class

K

..................................

1,000.00‌

1,129.70‌

4.29‌

1,000.00‌

1,020.84‌

4.07‌

0.81‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

China

............................................

26.2‌

%

Taiwan

...........................................

19.3‌

India

............................................

14.7‌

South

Korea

.......................................

10.7‌

Brazil

............................................

7.3‌

Thailand

..........................................

3.8‌

Malaysia

.........................................

3.3‌

Saudi

Arabia

.......................................

3.1‌

Indonesia

.........................................

2.0‌

Greece

..........................................

1.8‌

Chile

............................................

1.4‌

Poland

...........................................

1.4‌

Other

(a)

...........................................

3.0‌

Short-Term

Securities

.................................

3.3‌

Liabilities

in

Excess

of

Other

Assets

.......................

(1.3‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

10

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

Global

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

abbreviated

period

starting

June

21,

2023

and

ended

April

30,

2024,

all

of

the

Fund’s

share

classes

outperformed

its

benchmark,

the

MSCI

All

Country

World

Index.

What

factors

influenced

performance?

Select

measures

detracted

from

performance

for

the

reporting

period.

Environmental,

social

and

governance-related

insights

produced

mixed

results.

While

human

capital

related

measures

evaluating

hiring

diversity

benefitted

the

portfolio,

those

related

to

environmental

transition

underperformed.

Namely,

insights

evaluating

“green”

hiring

and

flows

into

sustainability-related

products

lagged.

Country

positioning

also

detracted

from

performance

in

the

first

half

of

the

period

amid

rapid

changes

in

leadership

and

market

sentiment.

An

overweight

in

China

local

shares

hurt

results

amid

continued

sluggishness

in

the

nation’s

economy.

On

the

other

hand,

global

equities

generally

produced

strong

returns

behind

resilient

economic

data

and

investor

excitement

about

innovations

in

information

technology

and

healthcare.

Market

performance

was

also

driven

by

shifting

views

between

a

soft

landing

for

the

economy

on

one

hand,

and

“higher

for

longer”

interest

rate

policy

on

the

other.

Market

breadth

improved

over

the

course

of

the

period,

with

leadership

expanding

beyond

U.S.

mega-cap

technology

stocks.

While

the

international

markets

trailed

the

United

States

by

a

considerable

margin,

market

participation

was

much

broader

overseas.

As

a

result,

the

value

style

kept

pace

with

momentum

stocks

outside

of

the

United

States.

Sentiment

measures,

which

correctly

captured

prevailing

market

leadership,

were

the

primary

driver

of

the

Fund’s

positive

relative

performance.

Insights

that

evaluate

trends

across

conference

call

text

and

smart

money

positioning

were

top

contributors

by

correctly

positioning

the

portfolio

in

the

artificial

intelligence

(“AI”)

and

GLP-1

weight-loss

treatment

themes.

Macro

thematic

insights

further

helped

performance

by

aligning

with

themes

captured

by

sentiment

measures.

These

included

insights

that

evaluate

inflation

data,

which

led

to

a

preference

for

technology

stocks

that

benefited

from

AI

enthusiasm.

Fundamental

measures

also

contributed,

with

traditional

valuation

measures

that

analyze

research

expenditures,

cash

flow

efficiency,

and

other

financial

statement

metrics

benefitting

from

the

surge

in

bond

yields

that

broadly

rewarded

value

styles

in

the

latter

half

of

2023.

Describe

recent

portfolio

activity.

The

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

performance

drivers,

while

adding

several

new

signals

to

the

existing

set

of

stock

selection

insights.

The

Fund

developed

new

insights

to

identify

firms

that

are

leading

the

market

in

development,

deployment,

and

monetization

of

AI

capabilities.

These

included

measures

designed

to

capture

hiring

trends

for

skills

associated

with

AI,

as

well

as

executive

comments

highlighting

AI

capabilities

over

the

past

several

years.

Additionally,

the

Fund

developed

new

insights

to

identify

trends

around

GLP-1

weight

loss

drugs

to

better

understand

the

impact

on

firms

across

sectors.

Describe

portfolio

positioning

at

period

end.

The

Fund

maintained

a

largely

sector-neutral

positioning.

It

had

slight

overweights

in

the

information

technology

and

energy

sectors

and

small

underweights

in

financials

and

materials.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2024

(continued)

11

Fund

Summary

BlackRock

Sustainable

Advantage

Global

Equity

Fund

GROWTH

OF

$10,000

INVESTMENT

The

Fund

commenced

operations

on

June

21,

2023.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

equity

securities

and

equity-like

instruments

of

companies

that

are

components

of,

or

have

characteristics

similar

to,

the

companies

included

in

the

MSCI

All

Country

World

Index

and

derivatives

that

are

tied

economically

to

securities

of

the

MSCI

All

Country

World

Index.

(c)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

Performance

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

June

21,

2023.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles

Total

Returns

(a)

Since

Inception

(b)

Without

Sales

Charge

With

Sales

Charge

Institutional

..................................................................................................

14.92‌%

N/A‌

Investor

A

...................................................................................................

14.71‌

8.69‌%

Class

K

....................................................................................................

14.95‌

N/A‌

MSCI

All

Country

World

Index

....................................................................................

1

3

.

43‌

N/A‌

Fund

Summary

as

of

April

30,

2024

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

12

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,209.70‌

$

3.90‌

$

1,000.00‌

$

1,021.33‌

$

3.57‌

0.71‌%

Investor

A

................................

1,000.00‌

1,208.80‌

5.27‌

1,000.00‌

1,020.09‌

4.82‌

0.96‌

Class

K

..................................

1,000.00‌

1,210.00‌

3.63‌

1,000.00‌

1,021.58‌

3.32‌

0.66‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

United

States

......................................

65.5‌

%

Japan

...........................................

5.9‌

China

............................................

3.8‌

Germany

.........................................

2.7‌

United

Kingdom

.....................................

2.0‌

Switzerland

........................................

2.0‌

Denmark

.........................................

1.8‌

Brazil

............................................

1.7‌

France

...........................................

1.7‌

Italy

.............................................

1.4‌

Australia

..........................................

1.1‌

Canada

..........................................

1.0‌

Taiwan

...........................................

1.0‌

Other

(a)

...........................................

6.2‌

Short-Term

Securities

.................................

2.0‌

Other

Assets

Less

Liabilities

............................

0.2‌

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

April

30,

2024

13

Fund

Summary

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investment

Objective

BlackRock

Sustainable

Advantage

International

Equity

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

to

provide

long-term

capital

appreciation

while

seeking

to

maintain

certain

environmental,

social

and

governance

(“ESG”)

characteristics,

climate

risk

exposure

and

climate

opportunities

relative

to

the

Fund’s

benchmark.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

that

ended

on

April

30,

2024,

all

of

the

Fund’s

share

classes

outperformed

its

benchmark,

the

MSCI

EAFE

Index.

What

factors

influenced

performance?

International

equities

generally

produced

strong

returns

behind

resilient

economic

data

and

investor

excitement

about

innovations

in

information

technology

and

healthcare.

Market

performance

was

also

driven

by

shifting

views

between

a

soft

landing

for

the

economy

on

one

hand,

and

“higher

for

longer”

interest

rate

policy

on

the

other.

Market

breadth

improved

over

the

course

of

the

period,

with

leadership

expanding

beyond

U.S.

mega-cap

technology

stocks.

While

the

international

markets

trailed

the

United

States

by

a

considerable

margin,

market

participation

was

much

broader

overseas.

As

a

result,

the

value

style

kept

pace

with

momentum

stocks

outside

of

the

United

States.

Sentiment

measures,

which

correctly

captured

prevailing

market

leadership,

were

the

primary

driver

of

the

Fund’s

positive

relative

performance.

Insights

that

evaluate

trends

across

conference

call

text

and

smart

money

positioning

were

top

contributors

by

correctly

positioning

the

portfolio

in

the

artificial

intelligence

(“AI”)

and

GLP-1

weight-loss

treatment

themes.

Macro

thematic

insights

further

helped

performance

by

aligning

with

themes

captured

by

sentiment

measures.

These

included

insights

that

evaluate

inflation

data,

which

led

to

a

preference

for

technology

stocks

that

benefited

from

AI

enthusiasm.

Fundamental

measures

also

contributed,

with

traditional

valuation

measures

that

analyze

research

expenditures,

cash

flow

efficiency,

and

other

financial

statement

metrics

benefitting

from

the

surge

in

bond

yields

that

broadly

rewarded

value

styles

in

the

latter

half

of

2023.

These,

in

combination

with

insights

that

evaluate

earnings

yield

and

the

sustainability

of

company

growth,

helped

motivate

overweights

to

domestically

oriented

Japanese

stocks

that

were

expected

to

be

the

largest

beneficiaries

of

policy

normalization

by

the

Bank

of

Japan.

Despite

the

Fund’s

strong

overall

performance,

select

measures

detracted.

Environmental,

social,

and

governance-related

insights

produced

mixed

results.

While

human

capital

related

measures

evaluating

hiring

diversity

benefitted

the

portfolio,

those

related

to

environmental

transition

underperformed.

Namely,

insights

evaluating

“green”

hiring

and

flows

into

sustainability-related

products

lagged.

Describe

recent

portfolio

activity.

The

Fund

maintained

a

balanced

allocation

of

risk

across

all

major

performance

drivers,

while

adding

several

new

signals

to

the

existing

set

of

stock

selection

insights.

The

Fund

developed

new

insights

to

identify

firms

that

are

leading

the

market

in

development,

deployment,

and

monetization

of

AI

capabilities.

These

included

measures

designed

to

capture

hiring

trends

for

skills

associated

with

AI,

as

well

as

executive

comments

highlighting

AI

capabilities

over

the

past

several

years.

Additionally,

the

Fund

developed

new

insights

to

identify

trends

around

GLP-1

weight

loss

drugs

to

better

understand

the

impact

on

firms

across

sectors.

Describe

portfolio

positioning

at

period

end.

The

Fund

maintained

a

largely

sector-neutral

positioning.

It

had

slight

overweights

in

the

communication

services

and

industrials

sectors

and

small

underweights

in

materials

and

consumer

staples.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2024

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

14

BlackRock

Sustainable

Advantage

International

Equity

Fund

GROWTH

OF

$10,000

INVESTMENT

The

Fund

commenced

operations

on

August

18,

2020.

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

Under

normal

circumstances,

the

Fund

seeks

to

invest

at

least

80%

of

its

net

assets,

plus

the

amount

of

any

borrowings

for

investment

purposes,

in

non-U.S.

equity

securities

and

equity-like

instruments

of

companies

that

are

components

of,

or

have

characteristics

similar

to,

the

companies

included

in

the

MSCI

EAFE

Index

and

derivatives

that

are

tied

economically

to

securities

of

the

MSCI

EAFE

Index.

(c)

An

equity

index

which

captures

large-

and

mid-cap

representation

across

certain

developed

markets

countries

around

the

world,

excluding

the

United

States

and

Canada.

The

index

covers

approximately

85%

of

the

free

float-adjusted

market

capitalization

in

each

country.

Performance

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees.

(b)

The

Fund

commenced

operations

on

August

18,

2020.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Average

Annual

Total

Returns

(a)

1

Year

Since

Inception

(b)

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

..........................................................................

10.40‌%

N/A‌

8.64‌%

N/A‌

Investor

A

...........................................................................

10.14‌

4.36‌%

8.38‌

6.81‌%

Class

K

............................................................................

10.46‌

N/A‌

8.70‌

N/A‌

MSCI

EAFE

Index

.....................................................................

9.28‌

N/A‌

7.65‌

N/A‌

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,176.70‌

$

2.71‌

$

1,000.00‌

$

1,022.38‌

$

2.51‌

0.50‌%

Investor

A

................................

1,000.00‌

1,174.80‌

4.06‌

1,000.00‌

1,021.13‌

3.77‌

0.75‌

Class

K

..................................

1,000.00‌

1,177.10‌

2.44‌

1,000.00‌

1,022.63‌

2.26‌

0.45‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

Fund

Summary

as

of

April

30,

2024

(continued)

15

Fund

Summary

BlackRock

Sustainable

Advantage

International

Equity

Fund

Portfolio

Information

GEOGRAPHIC

ALLOCATION

Country/Geographic

Region

Percent

of

Net

Assets

Japan

...........................................

23.2‌

%

United

Kingdom

.....................................

11.0‌

Germany

.........................................

9.2‌

United

States

......................................

8.9‌

France

...........................................

8.8‌

Switzerland

........................................

5.8‌

Netherlands

.......................................

5.5‌

Australia

..........................................

5.3‌

Denmark

.........................................

4.7‌

Sweden

..........................................

3.4‌

Spain

............................................

3.4‌

Italy

.............................................

2.0‌

Hong

Kong

........................................

1.4‌

Norway

..........................................

1.0‌

Other

(a)

...........................................

4.5‌

Short-Term

Securities

.................................

2.2‌

Liabilities

in

Excess

of

Other

Assets

.......................

(0.3‌)

(a)

Includes

holdings

within

countries

that

are

1%

or

less

of

net

assets.

Please

refer

to

Schedule

of

Investments

for

such

countries.

Fund

Summary

as

of

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

16

BlackRock

Tactical

Opportunities

Fund

Investment

Objective

BlackRock

Tactical

Opportunities

Fund’s

(the

“Fund”)

investment

objective

is

to

seek

total

return.

Portfolio

Management

Commentary

How

did

the

Fund

perform?

For

the

12-month

period

ended

April

30,

2024,

all

of

the

Fund’s

share

classes

outperformed

its

reference

benchmark

(75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index)

and

its

cash

benchmark,

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index.

What

factors

influenced

performance?

A

directional

overweight

to

equities

contributed

to

the

Fund’s

relative

performance

given

positive

returns

across

most

global

markets.

Relative

value

equity

positioning

also

helped

results.

In

particular,

long

positions

in

the

United

Kingdom

and

Japan

versus

short

positions

in

Germany,

France,

and

Sweden

contributed

during

the

third

quarter

of

2023

as

European

equities

struggled

on

weak

growth

and

persistent

inflation.

Positioning

in

the

Asia-Pacific

region

(long

positions

in

Taiwan

versus

short

positions

in

Korea

and

Thailand)

was

also

additive

due

to

easing

tensions

with

China

and

artificial

intelligence

related

tailwinds

for

Taiwan

semiconductor

companies.

In

the

first

quarter

of

2024,

long

positions

in

Japanese

and

Italian

equities

against

short

positions

in

Australia

and

South

Korea

contributed.

Directional

short

duration

positions

in

the

United

States,

Germany,

and

Japan

held

in

the

discretionary

macro

strategy

also

contributed

to

performance.

(Duration

is

a

measure

of

interest

rate

sensitivity.)

Within

relative

value

fixed

income

positioning,

a

long

position

in

U.K.

gilts

versus

other

developed

market

bonds

benefited

the

Fund

as

moderating

U.K.

inflation

data

led

gilts

to

outperform

in

the

third

quarter

of

2023

and

early

2024.

Currency

positioning

in

the

Fund’s

discretionary

macro

strategy

detracted.

A

short

position

in

the

U.S.

dollar

against

a

basket

of

other

developed

market

currencies

weighed

on

results

given

that

the

U.S.

dollar

strengthened.

Short

positions

in

European

bonds

versus

long

positions

in

other

developed

markets

also

hurt

performance

over

most

of

the

period,

as

weaker-than-expected

growth

and

inflation

in

Europe

caused

bonds

in

the

region

to

outperform

their

global

peers.

The

investment

adviser

used

derivatives

as

an

efficient

means

to

take

active

views

on

interest

rates,

equity

indices,

and

currencies.

Derivatives

used

included

equity

index

and

sovereign

bond

futures,

total

return

swaps,

interest

rate

swaps,

and

currency

forward

contracts.

These

positions

will

make

up

a

significant

portion

of

NAV

given

the

Fund’s

investment

approach

of

establishing

positions

in

fixed-income

markets,

equity

indices,

and

currencies

across

the

global

markets.

The

use

of

derivatives

instead

of

physical

instruments

had

a

minimal,

negative

impact

on

performance.

The

Fund

held

an

allocation

to

cash

as

collateral

for

derivative

positions

and

as

a

means

of

earning

yield.

The

cash

position

was

a

positive

contributor

to

Fund

performance

given

the

increase

in

yields

over

the

period.

Describe

recent

portfolio

activity.

Within

equities,

the

Fund

increased

directional

long

exposure

to

the

United

States

and

Europe

given

indications

of

improving

global

growth

and

a

reacceleration

of

the

manufacturing

cycle

late

in

2023.

In

equity

relative

value

positioning,

the

Fund

increased

its

exposure

to

Japan

relative

to

other

Asia-Pacific

equities

given

indications

of

improving

growth

and

rising

investment

flows

into

the

country.

The

Fund

also

increased

its

allocation

to

emerging

market

equities

through

additions

in

Taiwan,

Brazil,

and

Poland.

In

fixed

income,

the

Fund

maintained

a

directional

short

duration

exposure

throughout

the

reporting

period

through

short

positions

in

U.S.,

German,

and

Japanese

government

bonds.

Later

in

the

period,

the

Fund

shifted

its

short

exposure

from

near-dated

bonds

to

longer-dated

bonds

based

on

the

investment

adviser’s

view

that

there

was

more

mispricing

in

the

latter

area.

In

terms

of

relative

value

bond

positioning,

the

Fund

had

a

preference

for

emerging

market

debt

versus

Switzerland

and

Germany

early

in

the

period.

The

Fund

subsequently

moved

long

in

Europe,

and

it

added

short

positions

in

U.S.

Treasuries

and

select

emerging

markets

(Thailand,

China,

and

Korea).

Describe

portfolio

positioning

at

period

end.

As

of

April

30,

2024,

the

Fund

was

positioned

long

equities

and

short

duration.

In

equities,

the

Fund

held

directional

long

positions

in

the

United

States

and

Europe.

Key

relative

value

positions

included

long

positions

in

Italy,

Japan,

and

Taiwan

versus

short

positions

in

South

Korea,

Australia,

Spain,

and

Sweden.

In

bonds,

the

Fund

was

long

in

U.K.

gilts

versus

a

short

in

U.S.

Treasuries.

The

Fund

also

maintained

a

directional

short

in

Japanese

government

bonds.

In

currencies,

the

Fund

was

short

the

U.S.

dollar

versus

a

basket

of

developed

market

currencies

that

included

the

Australian

dollar,

Canadian

dollar,

and

euro.

The

views

expressed

reflect

the

opinions

of

BlackRock

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

Fund

Summary

as

of

April

30,

2024

(continued)

17

Fund

Summary

BlackRock

Tactical

Opportunities

Fund

GROWTH

OF

$10,000

INVESTMENT

(a)

Assuming

maximum

sales

charges,

if

any,

transaction

costs

and

other

operating

expenses,

including

investment

advisory

fees

and

administration

fees,

if

any.

Institutional

Shares

do

not

have

a

sales

charge.

(b)

The

Fund

uses

a

macro

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

global

stocks,

bonds,

money

market

instruments,

foreign

currencies

and

cash.

The

Fund’s

total

returns

prior

to

January

29,

2016

were

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

(c)

An

unmanaged

index

that

measures

returns

of

3-month

Treasury

Bills.

On

December

1,

2023,

the

Fund

began

to

compare

its

performance

to

the

standard

pricing

time

of

the

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

(the

“Index”).

Index

data

prior

to

March

1,

2021

is

for

the

Index’s

standard

pricing

time

of

3pm.

Index

data

from

March

1,

2021

through

November

30,

2023

is

for

a

custom

4pm

pricing

variant

of

the

Index.

Index

returns

beginning

on

December

1,

2023

reflect

the

Index’s

new

standard

pricing

time

of

4pm.

The

change

of

the

Index’s

standard

pricing

time

from

3pm

to

4pm

resulted

in

the

discontinuation

of

the

custom

4pm

pricing

variant

used

from

March

1,

2021

through

November

30,

2023.

(d)

An

index

that

captures

large-

and

mid-cap

representation

across

certain

developed

and

emerging

markets.

(e)

A

sub-index

of

the

Bloomberg

U.S.

Treasury

Index,

which

measures

U.S.

dollar

denominated,

fixed-rate,

nominal

debt

issued

by

the

U.S.

Treasury

and

includes

a

maturity

constraint

of

at

least

one

year

and

up

to,

but

not

including,

three

years

until

final

maturity.

(f)

A

customized

weighted

index

comprised

of

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

and

25%

MSCI

All

Country

World

Index.

Performance

(a)

Assuming

maximum

sales

charges,

if

any.

Average

annual

total

returns

with

and

without

sales

charges

reflect

reductions

for

distribution

and

service

fees.

See

“About

Fund

Performance”

for

a

detailed

description

of

share

classes,

including

any

related

sales

charges

and

fees,

and

how

performance

was

calculated

for

certain

share

classes.

(b)

The

Fund

uses

a

macro

asset

allocation

strategy,

investing

varying

percentages

of

its

portfolio

in

global

stocks,

bonds,

money

market

instruments,

foreign

currencies

and

cash.

The

Fund’s

total

returns

prior

to

January

29,

2016

were

the

returns

of

the

Fund

when

it

followed

a

different

investment

strategy

by

investing

a

significant

portion

of

its

assets

in

other

investment

companies

and

directly

in

securities

under

the

name

BlackRock

Managed

Volatility

Portfolio.

N/A

—

Not

applicable

as

share

class

and

index

do

not

have

a

sales

charge.

Past

performance

is

not

an

indication

of

future

results.

Performance

results

may

include

adjustments

made

for

financial

reporting

purposes

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Average

Annual

Total

Returns

(a)(b)

1

Year

5

Years

10

Years

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Without

Sales

Charge

With

Sales

Charge

Institutional

..................................................

10.19‌%

N/A‌

4.75‌%

N/A‌

3.93‌%

N/A‌

Service

....................................................

9.80‌

N/A‌

4.46‌

N/A‌

3.64‌

N/A‌

Investor

A

...................................................

9.84‌

4.07‌%

4.45‌

3.33‌%

3.62‌

3.06‌%

Investor

C

...................................................

9.00‌

8.02‌

3.68‌

3.68‌

3.03‌

3.03‌

Class

K

....................................................

10.33‌

N/A‌

4.89‌

N/A‌

3.95‌

N/A‌

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index

........................

2.28‌

N/A‌

1.02‌

N/A‌

1.00‌

N/A‌

ICE

BofA

3-Month

U.S.

Treasury

Bill

Index

...........................

5.36‌

N/A‌

2.07‌

N/A‌

1.42‌

N/A‌

75%

Bloomberg

U.S.

1-3

Year

Treasury

Bond

Index/25%

MSCI

All

Country

World

Index

........................................

6.08‌

N/A‌

3.36‌

N/A‌

2.97‌

N/A‌

MSCI

All

Country

World

Index

....................................

17.46‌

N/A‌

9.44‌

N/A‌

8.19‌

N/A‌

Fund

Summary

as

of

April

30,

2024

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

18

BlackRock

Tactical

Opportunities

Fund

Expense

Example

See

“Disclosure

of

Expenses”

for

further

information

on

how

expenses

were

calculated.

Portfolio

Information

Actual

H

ypothetical

5%

Re

turn

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(11/01/23)

Ending

Account

Value

(04/30/24)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

Institutional

...............................

$

1,000.00‌

$

1,052.50‌

$

4.13‌

$

1,000.00‌

$

1,020.84‌

$

4.07‌

0.81‌%

Service

..................................

1,000.00‌

1,050.60‌

5.56‌

1,000.00‌

1,019.44‌

5.47‌

1.09‌

Investor

A

................................

1,000.00‌

1,050.40‌

5.51‌

1,000.00‌

1,019.49‌

5.42‌

1.08‌

Investor

C

................................

1,000.00‌

1,046.90‌

9.11‌

1,000.00‌

1,015.96‌

8.97‌

1.79‌

Class

K

..................................

1,000.00‌

1,052.80‌

3.47‌

1,000.00‌

1,021.48‌

3.42‌

0.68‌

(a)

For

each

class

of

the

Fund,

expenses

are

equal

to

the

annualized

expense

ratio

for

the

class,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/366

(to

reflect

the

one-half

year

period

shown).

TEN

LARGEST

HOLDINGS

—

%

Security

(a)

Percent

of

Net

Assets

—

Microsoft

Corp.

...................................

3.6‌

%

Apple,

Inc.

......................................

2.8‌

NVIDIA

Corp.

....................................

2.4‌

Amazon.com,

Inc.

.................................

2.2‌

Alphabet,

Inc.,

Class

A

..............................

1.3‌

Meta

Platforms,

Inc.,

Class

A

..........................

1.2‌

Eli

Lilly

&

Co.

....................................

1.2‌

Alphabet,

Inc.,

Class

C

..............................

1.1‌

Mastercard,

Inc.,

Class

A

.............................

1.0‌

Merck

&

Co.,

Inc.

..................................

0.8‌

—

PORTFOLIO

COMPOSITION

Asset

Type

Percent

of

Net

Assets

Common

Stocks

...................................

68.4‌

%

U.S.

Treasury

Obligations

.............................

9.6‌

Money

Market

Funds

................................

6.4‌

Preferred

Securities

.................................

0.2‌

Warrants

........................................

0.0‌

(b)

Rights

..........................................

0.0‌

(b)

Asset-Backed

Securities

..............................

—‌

Other

Interests

....................................

—‌

Other

Assets

Less

Liabilities

...........................

15.4‌

(a)

Excludes

short-term

investments.

(b)

Represents

less

than

0.1%

of

the

Fund's

net

assets.

About

Fund

Performance

19

About

Fund

Performance

/

Disclosure

Of

Expenses

Institutional

and

Class

K Shares

are

not

subject

to

any

sales

charge.

These

shares

bear

no

ongoing

distribution

or

service

fees

and

are

available

only

to

certain

eligible

investors.

For

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares,

performance

shown

prior

to

the

Class

K

Shares

inception

date

of

August

1,

2016

is

that

of

Investor

A

Shares,

excluding

any

front-end

sales

charges,

which

are

not

applicable

to

Class

K

Shares.

The

performance

of

the

BlackRock

Tactical

Opportunities

Fund's

Class

K

Shares

would

be

substantially

similar

to

Investor

A

Shares

because

Class

K

Shares

and

Investor

A

Shares

invest

in

the

same

portfolio

of

securities

and

performance

would

only

differ

to

the

extent

that

Class

K

Shares

and

Investor

A

Shares

have

different

expenses.

The

actual

returns

of

Class

K

Shares

would

have

been

higher

than

those

of

the

Investor

A

Shares

because

Class

K

Shares

have

lower

expenses

than

the

Investor

A

Shares.

Service

Shares

(available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

not

subject

to

any

sales

charge.

These

shares

are

subject

to

a

service

fee

of 

0.25%

per

year

(but

no

distribution

fee)

and

are

only

available

to

certain

eligible

investors.

Investor

A

Shares

are

subject

to

a

maximum

initial

sales

charge

(front-end

load)

of 

5.25

%

and

a

service

fee

of

0.25%

per

year

(but

no

distribution

fee).

Certain

redemptions

of

these

shares

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

These

shares

are

generally

available

through

financial

intermediaries.

Investor

C

Shares

 (available

only

in

BlackRock

Tactical

Opportunities

Fund)

are

subject

to

a 1.00%

CDSC

if

redeemed

within

one

year

of

purchase.

In

addition,

these

shares

are

subject

to

a

distribution

fee

of

0.75

%

per

year

and

a

service

fee

of 

0.25%

per

year.

These

shares

are

generally

available

through

financial

intermediaries.

These

shares

automatically

convert

to

Investor

A

Shares

after

approximately eight

years.

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Refer

to

blackrock.com 

to

obtain

performance

data

current

to

the

most

recent

month-end.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Figures

shown

in

the

performance

table(s) assume

reinvestment

of

all

distributions,

if

any,

at

net

asset

value

(“NAV”)

on

the

ex-dividend

date

or

payable

date,

as

applicable.

Investment

return

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Distributions

paid

to

each

class

of

shares

will

vary

because

of

the

different

levels

of

service,

distribution

and

transfer

agency

fees

applicable

to

each

class,

which

are

deducted

from

the

income

available

to

be

paid

to

shareholders. 

BlackRock

Advisors,

LLC

(the

“Manager”),

each

Fund’s

investment

adviser,

has

contractually

and/or

voluntarily

agreed

to

waive

and/or

reimburse

a

portion

of

each

Fund’s

expenses.

Without

such

waiver(s)

and/or

reimbursement(s),

each

Fund’s

performance

would

have

been

lower.

With

respect

to

each

Fund’s

voluntary

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

waive

and/or

reimburse

or

to

continue

waiving

and/or

reimbursing

its

fees

and

such

voluntary

waiver(s)

may

be

reduced

or

discontinued

at

any

time. With

respect

to

each

Fund’s

contractual

waiver(s),

if

any,

the

Manager

is

under

no

obligation

to

continue

waiving

and/or

reimbursing

its

fees

after

the

applicable

termination

date

of

such agreement.

See

the

Notes

to

Financial

Statements

for

additional

information

on

waivers

and/or

reimbursements. 

Disclosure

of

Expenses

Shareholders

of

each

Fund

may

incur

the

following

charges:

(a)

transactional

expenses,

such

as

sales

charges;

and

(b)

operating

expenses,

including

investment

advisory

fees,

administration

fees, service

and

distribution

fees,

including

12b-1

fees,

acquired

fund

fees

and

expenses, and

other

fund

expenses.

The

expense

examples shown

(which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund

and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

mutual

funds.

The

expense

examples

provide

information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to

estimate

the

expenses

a

shareholder

paid

during

the

period

covered

by

this

report,

shareholders

can

divide

their

account

value

by

$1,000

and

then

multiply

the

result

by

the

number

corresponding

to

their

Fund and

share

class

under

the

heading

entitled

“Expenses

Paid

During

the

Period.” 

The

expense

examples

also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

a

Fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the

ongoing

expenses

of

investing

in

these

Funds

and

other

funds,

compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

shareholder

reports

of

other

funds. 

The

expenses

shown

in

the

expense

examples

are

intended

to

highlight

shareholders’

ongoing

costs

only

and

do

not

reflect

transactional

expenses,

such

as

sales

charges,

if

any.

Therefore,

the

hypothetical

examples

are

useful

in

comparing

ongoing

expenses

only

and

will

not

help

shareholders

determine

the

relative

total

expenses

of

owning

different

funds.

If

these

transactional

expenses

were

included,

shareholder

expenses

would

have

been

higher.

Derivative

Financial

Instruments

2024

BlackRock

Annual

Report

to

Shareholders

20

The

Funds

may

invest

in

various

derivative

financial

instruments.

These

instruments

are

used

to

obtain

exposure

to

a

security,

commodity,

index,

market,

and/or

other

assets

without

owning

or

taking

physical

custody

of

securities,

commodities

and/or

other

referenced

assets

or

to

manage

market,

equity,

credit,

interest

rate,

foreign

currency

exchange

rate,

commodity

and/or

other

risks.

Derivative

financial

instruments

may

give

rise

to

a

form

of

economic

leverage

and

involve

risks,

including

the

imperfect

correlation

between

the

value

of

a

derivative

financial

instrument

and

the

underlying

asset,

possible

default

of

the

counterparty

to

the

transaction

or

illiquidity

of

the

instrument.

Pursuant

to

Rule

18f-4

under

the

1940

Act,

among

other

things,

the

Funds

must

either

use

derivative

financial

instruments

with

embedded

leverage

in

a

limited

manner

or

comply

with

an

outer

limit

on

fund

leverage

risk

based

on

value-at-risk. The

Funds’

successful

use

of

a

derivative

financial

instrument

depends

on

the

investment

adviser’s

ability

to

predict

pertinent

market

movements

accurately,

which

cannot

be

assured.

The

use

of

these

instruments

may

result

in

losses

greater

than

if

they

had

not

been

used,

may

limit

the

amount

of

appreciation a

Fund

can

realize

on

an

investment

and/or

may

result

in

lower

distributions

paid

to

shareholders.

The

Funds’

investments

in

these

instruments,

if

any,

are

discussed

in

detail

in

the

Notes

to

Financial

Statements.

Schedule

of

Investments

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Austria

—

0.7%

Erste

Group

Bank

AG

...........

7,904

$

368,604

Brazil

—

10.4%

Ambev

SA

..................

150,426

353,136

Arezzo

Industria

e

Comercio

SA

....

41,410

415,009

B3

SA

-

Brasil

Bolsa

Balcao

.......

296,625

614,089

Banco

BTG

Pactual

SA

(a)

........

19,687

126,783

CCR

SA

....................

70,372

166,694

Cyrela

Brazil

Realty

SA

Empreendimentos

e

Participacoes

30,332

118,989

Ez

Tec

Empreendimentos

e

Participacoes

S/A

...........

150,576

401,625

Grupo

De

Moda

Soma

SA

........

214,438

250,259

Hapvida

Participacoes

e

Investimentos

SA

(a)

(b)

(c)

..................

621,998

442,008

IRB-Brasil

Resseguros

SA

(a)

......

30,928

253,673

Lojas

Renner

SA

..............

164,385

484,677

Rumo

SA

(a)

..................

55,336

215,159

Sendas

Distribuidora

SA

(a)

........

121,182

306,654

Vale

SA

,

ADR

................

70,105

853,178

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

...

200,806

275,728

XP,

Inc.

,

Class

A

..............

21,725

444,711

5,722,372

Canada

—

1.5%

Barrick

Gold

Corp.

.............

17,142

285,243

Franco-Nevada

Corp.

...........

1,994

240,078

MAG

Silver

Corp.

(a)

............

23,583

289,599

814,920

Chile

—

0.4%

Sociedad

Quimica

y

Minera

de

Chile

SA

,

ADR

.................

5,056

231,009

Czech

Republic

—

0.5%

Komercni

Banka

A/S

(a)

..........

6,661

245,423

Egypt

—

0.1%

Commercial

International

Bank

Egypt

SAE

....................

47,618

71,551

Greece

—

1.6%

National

Bank

of

Greece

SA

(a)

.....

25,030

201,943

OPAP

SA

,

Class

R

.............

20,609

343,325

Piraeus

Financial

Holdings

SA

(a)

....

83,397

334,084

879,352

Hungary

—

2.0%

MOL

Hungarian

Oil

&

Gas

plc

.....

48,119

394,894

OTP

Bank

Nyrt.

...............

6,519

323,119

Richter

Gedeon

Nyrt.

...........

14,574

371,127

1,089,140

India

—

14.5%

Aditya

Birla

Capital

Ltd.

(a)

........

131,415

363,983

Axis

Bank

Ltd.

,

GDR

(c)

..........

2,081

145,670

Bharat

Electronics

Ltd.

..........

61,633

172,349

Cipla

Ltd.

...................

10,772

180,326

Dr.

Reddy's

Laboratories

Ltd.

,

ADR

..

4,481

329,219

Fortis

Healthcare

Ltd.

...........

29,896

157,317

GAIL

India

Ltd.

...............

151,416

378,255

Godrej

Consumer

Products

Ltd.

....

11,460

167,253

HDFC

Bank

Ltd.

,

ADR

..........

13,736

791,194

ICICI

Bank

Ltd.

,

ADR

...........

18,517

509,773

Infosys

Ltd.

,

ADR

..............

44,803

748,658

ITC

Ltd.

....................

28,737

149,842

Security

Shares

Shares

Value

India

(continued)

Larsen

&

Toubro

Ltd.

,

GDR

(c)

......

3,325

$

143,979

Macrotech

Developers

Ltd.

(b)

(c)

.....

33,366

494,233

Mahindra

&

Mahindra

Ltd.

,

GDR

(c)

...

10,056

262,462

Mankind

Pharma

Ltd.

(a)

..........

5,460

154,353

Marico

Ltd.

..................

24,527

152,209

NHPC

Ltd.

..................

149,508

172,108

NTPC

Ltd.

..................

37,343

162,290

Olectra

Greentech

Ltd.

..........

6,966

143,802

Power

Grid

Corp.

of

India

Ltd.

.....

44,917

162,006

Reliance

Industries

Ltd.

,

GDR

(b)

....

23,229

1,642,290

UltraTech

Cement

Ltd.

..........

3,148

375,444

7,959,015

Indonesia

—

4.6%

Astra

International

Tbk.

PT

.......

1,061,300

334,899

Bank

Central

Asia

Tbk.

PT

........

786,000

472,610

Bank

Mandiri

Persero

Tbk.

PT

.....

871,500

368,363

Bank

Negara

Indonesia

Persero

Tbk.

PT

.....................

1,701,900

547,564

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

.....................

1,906,400

577,074

Telkom

Indonesia

Persero

Tbk.

PT

..

1,132,700

219,584

2,520,094

Italy

—

1.0%

Wizz

Air

Holdings

plc

(a)

(b)

(c)

........

18,967

524,728

Kazakhstan

—

1.4%

Kaspi.KZ

JSC

,

ADR

(c)

...........

6,705

789,581

Malaysia

—

0.9%

Hartalega

Holdings

Bhd.

(a)

........

293,800

172,067

Malayan

Banking

Bhd.

..........

153,400

312,578

484,645

Mexico

—

3.0%

Becle

SAB

de

CV

.............

80,488

163,553

Fibra

Uno

Administracion

SA

de

CV

.

52,900

75,718

Grupo

Aeroportuario

del

Centro

Norte

SAB

de

CV

................

26,319

290,771

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV

,

ADR

...............

1,702

309,475

Kimberly-Clark

de

Mexico

SAB

de

CV

,

Class

A

..................

105,111

219,417

Wal-Mart

de

Mexico

SAB

de

CV

....

163,476

609,310

1,668,244

Philippines

—

2.6%

Ayala

Land,

Inc.

...............

546,800

271,060

BDO

Unibank,

Inc.

.............

114,330

293,303

Bloomberry

Resorts

Corp.

(a)

.......

1,034,900

186,312

International

Container

Terminal

Services,

Inc.

..............

50,280

288,093

Jollibee

Foods

Corp.

...........

32,700

132,960

Metropolitan

Bank

&

Trust

Co.

.....

200,960

243,161

1,414,889

Poland

—

2.6%

Allegro.eu

SA

(a)

(b)

(c)

.............

31,653

263,863

Bank

Polska

Kasa

Opieki

SA

......

9,884

409,200

LPP

SA

....................

77

296,696

Powszechny

Zaklad

Ubezpieczen

SA

36,686

461,726

1,431,485

Portugal

—

0.5%

Jeronimo

Martins

SGPS

SA

.......

13,717

282,183

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

22

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Qatar

—

0.7%

Qatar

National

Bank

QPSC

.......

95,211

$

361,899

Saudi

Arabia

—

2.3%

Abdullah

Al

Othaim

Markets

Co.

....

41,229

136,697

Al

Rajhi

Bank

................

6,538

139,058

Almarai

Co.

JSC

..............

9,657

146,248

Etihad

Etisalat

Co.

.............

10,543

146,173

Saudi

Basic

Industries

Corp.

......

15,703

353,794

Saudi

National

Bank

(The)

........

14,202

142,169

Yanbu

National

Petrochemical

Co.

..

19,610

202,660

1,266,799

Singapore

—

0.4%

Jardine

Cycle

&

Carriage

Ltd.

.....

9,800

189,123

South

Africa

—

0.3%

Foschini

Group

Ltd.

(The)

........

27,376

144,842

Gold

Fields

Ltd.

,

ADR

...........

1,402

22,670

167,512

South

Korea

—

12.9%

Hansol

Chemical

Co.

Ltd.

........

2,708

375,612

Hugel,

Inc.

(a)

.................

1,358

207,621

Hyundai

Rotem

Co.

Ltd.

.........

23,767

637,214

JYP

Entertainment

Corp.

.........

2,792

133,538

KT

Corp.

...................

9,730

243,269

KT&G

Corp.

.................

5,840

376,305

Samsung

Electronics

Co.

Ltd.

.....

58,601

3,257,433

Samsung

Electronics

Co.

Ltd.

,

GDR

(b)

(c)

202

281,882

Samsung

SDI

Co.

Ltd.

..........

1,102

341,035

SK

Hynix,

Inc.

................

8,213

1,013,531

S-Oil

Corp.

..................

4,217

220,168

7,087,608

Taiwan

—

20.3%

Accton

Technology

Corp.

........

44,000

616,414

Chroma

ATE,

Inc.

..............

47,000

381,721

Delta

Electronics,

Inc.

...........

70,000

685,531

eMemory

Technology,

Inc.

........

9,000

604,913

Giant

Manufacturing

Co.

Ltd.

......

22,000

147,182

Hiwin

Technologies

Corp.

........

26,000

183,858

Lite-On

Technology

Corp.

........

39,000

118,044

Phison

Electronics

Corp.

.........

18,000

384,232

President

Chain

Store

Corp.

......

52,000

437,301

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

274,000

6,560,592

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

..............

2,638

362,303

Wistron

Corp.

................

80,000

273,925

Yageo

Corp.

.................

18,000

343,341

11,099,357

Thailand

—

2.6%

Advanced

Info

Service

PCL

,

NVDR

..

47,600

252,901

Airports

of

Thailand

PCL

,

NVDR

....

83,100

145,900

CP

ALL

PCL

,

NVDR

............

129,600

200,299

Land

&

Houses

PCL

,

NVDR

......

796,600

159,889

Siam

Cement

PCL

(The)

,

NVDR

....

21,100

141,356

Thai

Beverage

PCL

............

463,100

167,695

True

Corp.

PCL

,

NVDR

(a)

.........

1,790,900

369,305

1,437,345

Turkey

—

0.5%

Eldorado

Gold

Corp.

(a)

..........

18,297

260,915

Security

Shares

Shares

Value

United

Arab

Emirates

—

2.5%

Aldar

Properties

PJSC

..........

94,082

$

139,859

Americana

Restaurants

International

plc

(a)

....................

411,587

374,926

Borouge

plc

.................

571,749

381,384

Emaar

Properties

PJSC

(a)

........

200,091

447,262

1,343,431

United

Kingdom

—

0.9%

Anglogold

Ashanti

plc

...........

5,813

133,641

Anglogold

Ashanti

plc

...........

15,024

345,531

479,172

United

States

—

2.3%

Cognizant

Technology

Solutions

Corp.

,

Class

A

..................

11,583

760,771

EPAM

Systems,

Inc.

(a)

...........

1,287

302,780

Globant

SA

(a)

.................

1,146

204,664

1,268,215

Zambia

—

0.5%

First

Quantum

Minerals

Ltd.

.......

23,519

298,632

Total

Common

Stocks

—

94.5%

(Cost:

$

52,743,052

)

..............................

51,757,243

Preferred

Securities

Preferred

Stocks

—

2.3%

Brazil

—

1.3%

Alpargatas

SA

(Preference)

(a)

......

157,760

287,715

Banco

Bradesco

SA

............

164,130

443,151

730,866

South

Korea

—

1.0%

Samsung

Electronics

Co.

Ltd.

(Preference)

...............

12,007

560,620

Total

Preferred

Stocks

—

2.3%  

(Cost:

$

1,342,356

)

..............................

1,291,486

Total

Long-Term

Investments

—

96

.8

%

(Cost:

$

54,085,408

)

..............................

53,048,729

Short-Term

Securities

Money

Market

Funds

—

3.6%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.18

%

(d)

(e)

....

1,946,371

1,946,371

Total

Short-Term

Securities

—

3

.6

%

(Cost:

$

1,946,371

)

..............................

1,946,371

Total

Investments

—

100.4%

(Cost:

$

56,031,779

)

..............................

54,995,100

Liabilities

in

Excess

of

Other

Assets

—

(

0.4

)

%

............

(

202,716

)

Net

Assets

—

100.0%

..............................

$

54,792,384

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

of

Investments

23

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

340,604

$

1,605,767

(a)

$

—

$

—

$

—

$

1,946,371

1,946,371

$

50,828

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

24

(a)

The

Fund

receives

the

total

return

on

a

portfolio

of

long

positions

underlying the

total

return

swap.

The

Fund

pays

the

total

return

on

a

portfolio

of

short

positions

underlying

the

total

return

swap.

In

addition,

the

Fund

pays

or

receives

a

variable

rate

of

interest,

based

on

a

specified

benchmark.

The

benchmark

and

spread

are

determined

based

upon

the

country

and/or

currency

of

the

individual

underlying

positions.

The

following

are

the

specified

benchmarks

(plus

or

minus

a

range)

used

in

determining

the

variable

rate

of

interest:

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

IFSC

NIFTY

50

Index

.......................................................

9

05/30/24

$

410

$

6,100

OTC

Total

Return

Swaps

Reference

Entity

Payment

Frequency

Counterparty

(a)

Termination

Date

Net

Notional

Accrued

Unrealized

Appreciation

(Depreciation)

Net

Value

of

Reference

Entity

Gross

Notional

Amount

Net

Asset

Percentage

Equity

Securities

Long/Short

...

Monthly

Goldman

Sachs

Bank

USA

(b)

08/19/26

$

1,046,124

$

99,416

(c)

$

1,150,960

1

.9

%

(b)

Range:

40-45

basis

points

Benchmarks:

USD

-

1D

Overnight

Fed

Funds

Effective

Rate

(FEDL01)

(b)

Goldman

Sachs

USA

(c)

Amount

includes

$(5,420)

of

net

dividends

and

financing

fees.

The

following

table

represents

the

individual

long

positions

and

related

values

of

equity

securities

underlying

the

total

return

swap

with

Goldman

Sachs

Bank

USA,

as

of

period

end,

termination

date

August

19,

2026:

Shares

Value

%

of

Basket

Value

Reference

Entity

—

Long

Common

Stocks

India

Axis

Bank

Ltd.

,

GDR

.......

16,216

$

1,135,120

98

.6

%

Portugal

Jeronimo

Martins

SGPS

SA

..

770

15,840

1

.4

Total

Reference

Entity

—

Long

............

1,150,960

Net

Value

of

Reference

Entity

—

Goldman

Sachs

Bank

USA

...........................

$

1,150,960

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

OTC

Swaps

...................................................................

$

—

$

—

$

99,416

$

—

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

of

Investments

25

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

6,100

$

—

$

—

$

—

$

6,100

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

99,416

—

—

—

99,416

$

—

$

—

$

105,516

$

—

$

—

$

—

$

105,516

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

24,383

$

—

$

—

$

—

$

24,383

Swaps

..............................

—

—

(

7,240

)

—

—

—

(

7,240

)

$

—

$

—

$

17,143

$

—

$

—

$

—

$

17,143

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

2,631

$

—

$

—

$

—

$

2,631

Swaps

..............................

—

—

100,014

—

—

—

100,014

$

—

$

—

$

102,645

$

—

$

—

$

—

$

102,645

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

254,381

Total

return

swaps

Average

notional

value

...............................................................................................

$

267,231

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

—

$

388

Swaps

—

OTC

(a)

.....................................................................................

99,416

—

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

99,416

$

388

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

—

(

388

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

99,416

$

—

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

26

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

The

following

table

presents

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(a)

Goldman

Sachs

Bank

USA

..........................

$

99,416

$

—

$

—

$

—

$

99,416

(a)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Austria

..............................................

$

—

$

368,604

$

—

$

368,604

Brazil

...............................................

5,722,372

—

—

5,722,372

Canada

.............................................

814,920

—

—

814,920

Chile

...............................................

231,009

—

—

231,009

Czech

Republic

........................................

—

245,423

—

245,423

Egypt

...............................................

71,551

—

—

71,551

Greece

..............................................

545,268

334,084

—

879,352

Hungary

.............................................

766,021

323,119

—

1,089,140

India

...............................................

4,429,266

3,529,749

—

7,959,015

Indonesia

............................................

—

2,520,094

—

2,520,094

Italy

................................................

—

524,728

—

524,728

Kazakhstan

...........................................

789,581

—

—

789,581

Malaysia

.............................................

—

484,645

—

484,645

Mexico

..............................................

1,668,244

—

—

1,668,244

Philippines

...........................................

767,708

647,181

—

1,414,889

Poland

..............................................

—

1,431,485

—

1,431,485

Portugal

.............................................

—

282,183

—

282,183

Qatar

...............................................

—

361,899

—

361,899

Saudi

Arabia

..........................................

292,421

974,378

—

1,266,799

Singapore

............................................

—

189,123

—

189,123

South

Africa

...........................................

167,512

—

—

167,512

South

Korea

..........................................

—

7,087,608

—

7,087,608

Taiwan

..............................................

362,303

10,737,054

—

11,099,357

Thailand

.............................................

—

1,437,345

—

1,437,345

Turkey

..............................................

260,915

—

—

260,915

United

Arab

Emirates

....................................

968,505

374,926

—

1,343,431

United

Kingdom

........................................

133,641

345,531

—

479,172

United

States

..........................................

1,268,215

—

—

1,268,215

Zambia

..............................................

298,632

—

—

298,632

Preferred

Securities

Brazil

...............................................

730,866

—

—

730,866

South

Korea

..........................................

—

560,620

—

560,620

Short-Term

Securities

Money

Market

Funds

......................................

1,946,371

—

—

1,946,371

$

22,235,321

$

32,759,779

$

—

$

54,995,100

Derivative

Financial

Instruments

(a)

Assets

Equity

contracts

...........................................

$

—

$

105,516

$

—

$

105,516

$

—

$

105,516

$

—

$

105,516

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Emerging

Markets

ex-China

Fund

Schedules

of

Investments

27

See

notes

to

financial

statements.

(a)

Derivative

financial

instruments

are

swaps

and

futures

contracts.

Swaps

and

futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Brazil

—

5.2%

Ambev

SA

..................

38,819

$

91,130

Auren

Energia

SA

.............

20,031

44,671

CCR

SA

....................

15,678

37,137

CPFL

Energia

SA

..............

11,491

70,970

EcoRodovias

Infraestrutura

e

Logistica

SA

.....................

42,054

59,284

Energisa

SA

.................

6,990

60,859

Movida

Participacoes

SA

(a)

.......

30,581

41,579

Santos

Brasil

Participacoes

SA

....

29,096

75,926

Ultrapar

Participacoes

SA

........

15,093

75,485

557,041

Chile

—

1.4%

Empresas

Copec

SA

...........

10,985

78,390

Enel

Americas

SA

.............

813,966

76,305

154,695

China

—

26.2%

3SBio,

Inc.

(b)

(c)

................

106,500

85,132

Alibaba

Group

Holding

Ltd.

.......

15,092

141,307

Baidu,

Inc.

,

Class

A

(a)

...........

3,478

45,060

Baoshan

Iron

&

Steel

Co.

Ltd.

,

Class

A

24,600

23,518

BOE

Technology

Group

Co.

Ltd.

,

Class

A

......................

142,400

85,329

Bosideng

International

Holdings

Ltd.

.

76,000

43,994

BYD

Co.

Ltd.

,

Class

A

...........

166

4,975

BYD

Co.

Ltd.

,

Class

H

..........

1,500

41,119

China

Construction

Bank

Corp.

,

Class

H

......................

266,000

172,100

China

Life

Insurance

Co.

Ltd.

,

Class

H

15,000

19,754

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................

6,500

28,151

China

Vanke

Co.

Ltd.

,

Class

H

.....

22,900

13,431

CMOC

Group

Ltd.

,

Class

H

.......

90,000

84,439

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

A

..................

52,200

84,701

ENN

Energy

Holdings

Ltd.

........

1,200

10,224

Ganfeng

Lithium

Group

Co.

Ltd.

,

Class

A

......................

390

1,888

Ganfeng

Lithium

Group

Co.

Ltd.

,

Class

H

(b)

(c)

....................

560

1,642

Geely

Automobile

Holdings

Ltd.

....

9,000

10,832

Goldwind

Science

&

Technology

Co.

Ltd.

,

Class

A

...............

361

378

Huatai

Securities

Co.

Ltd.

,

Class

A

..

13,400

25,298

Industrial

&

Commercial

Bank

of

China

Ltd.

,

Class

H

...............

249,000

133,521

JD.com,

Inc.

,

Class

A

...........

8,106

116,794

Jiangsu

Yanghe

Distillery

Co.

Ltd.

,

Class

A

..................

2,900

37,896

Kweichow

Moutai

Co.

Ltd.

,

Class

A

..

400

93,624

Lenovo

Group

Ltd.

.............

80,000

89,981

Li

Auto,

Inc.

,

Class

A

(a)

..........

3,500

45,856

Li

Auto,

Inc.

,

ADR

(a)

(d)

...........

1,642

43,152

LONGi

Green

Energy

Technology

Co.

Ltd.

,

Class

A

...............

760

1,900

Meituan

,

Class

B

(a)

(b)

(c)

...........

13,310

181,742

Midea

Group

Co.

Ltd.

,

Class

A

.....

3,900

37,444

NetEase,

Inc.

................

6,870

128,776

NIO,

Inc.

,

ADR

(a)

..............

1,960

9,251

PDD

Holdings,

Inc.

,

ADR

(a)

.......

263

32,922

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

...............

28,000

126,898

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.

,

Class

H

...............

52,400

74,464

Security

Shares

Shares

Value

China

(continued)

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.

,

Class

A

....

1,000

$

41,917

Tencent

Holdings

Ltd.

...........

11,300

495,880

Weichai

Power

Co.

Ltd.

,

Class

A

....

32,800

78,555

Weichai

Power

Co.

Ltd.

,

Class

H

...

3,000

6,130

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

...

4,000

82,581

Xinyi

Solar

Holdings

Ltd.

.........

8,000

5,504

2,788,060

Greece

—

1.8%

Eurobank

Ergasias

Services

&

Holdings

SA

(a)

....................

41,078

88,115

Motor

Oil

Hellas

Corinth

Refineries

SA

905

26,232

OPAP

SA

,

Class

R

.............

4,528

75,432

189,779

Hungary

—

0.0%

MOL

Hungarian

Oil

&

Gas

plc

.....

382

3,135

India

—

14.7%

Asian

Paints

Ltd.

..............

2,846

97,897

Birlasoft

Ltd.

.................

9,083

70,474

Blue

Star

Ltd.

................

4,175

74,677

Canara

Bank

.................

9,908

73,648

Castrol

India

Ltd.

..............

7,962

20,054

HCL

Technologies

Ltd.

..........

5,578

91,005

ICICI

Bank

Ltd.

...............

4,368

60,187

Indian

Oil

Corp.

Ltd.

............

31,435

63,479

Infosys

Ltd.

..................

3,917

66,137

Jindal

Saw

Ltd.

...............

1,884

12,466

Piramal

Enterprises

Ltd.

.........

5,484

60,579

Power

Grid

Corp.

of

India

Ltd.

.....

30,183

108,863

Praj

Industries

Ltd.

.............

12,488

81,925

Redington

Ltd.

................

15,090

39,454

Reliance

Industries

Ltd.

.........

4,451

156,249

Siemens

Ltd.

.................

812

56,733

State

Bank

of

India

.............

10,877

107,443

Strides

Pharma

Science

Ltd.

......

1,830

19,653

Supreme

Industries

Ltd.

.........

474

28,708

Tata

Consumer

Products

Ltd.

......

6,259

82,883

Trent

Ltd.

...................

1,789

94,432

Zomato

Ltd.

(a)

................

43,266

99,855

1,566,801

Indonesia

—

2.0%

Bank

Central

Asia

Tbk.

PT

........

204,800

123,143

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

.....................

294,000

88,995

212,138

Kuwait

—

0.3%

Kuwait

Finance

House

KSCP

......

13,956

32,556

Malaysia

—

3.3%

CIMB

Group

Holdings

Bhd.

.......

65,200

90,108

Malayan

Banking

Bhd.

..........

44,900

91,491

Public

Bank

Bhd.

..............

104,100

89,787

Sime

Darby

Bhd.

..............

133,500

78,157

349,543

Mexico

—

0.2%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

.............

263

9,056

Wal-Mart

de

Mexico

SAB

de

CV

....

3,164

11,793

20,849

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

29

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Poland

—

1.4%

Budimex

SA

.................

462

$

78,153

Santander

Bank

Polska

SA

.......

504

69,065

147,218

Qatar

—

0.5%

Commercial

Bank

PSQC

(The)

.....

2,766

3,150

Industries

Qatar

QSC

...........

2,125

7,118

Masraf

Al

Rayan

QSC

...........

5,545

3,819

Qatar

Islamic

Bank

SAQ

.........

1,752

8,784

Qatar

National

Bank

QPSC

.......

6,851

26,041

48,912

Russia

—

0.0%

(a)(e)

LUKOIL

PJSC

................

2,410

—

Novatek

PJSC

................

1,500

—

PhosAgro

PJSC

..............

1,413

—

PhosAgro

PJSC

,

GDR

..........

27

1

1

Saudi

Arabia

—

3.1%

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

................

347

28,693

Saudi

Arabian

Oil

Co.

(b)

(c)

.........

9,310

74,598

Saudi

Basic

Industries

Corp.

......

5,137

115,738

Saudi

Telecom

Co.

.............

10,366

104,016

Seera

Group

Holding

(a)

..........

1,733

12,614

335,659

South

Africa

—

0.4%

Anglo

American

plc

............

1,238

40,338

South

Korea

—

10.7%

Amorepacific

Group

............

3,455

83,407

CJ

Corp.

...................

706

64,742

HL

Mando

Co.

Ltd.

.............

836

23,577

KB

Financial

Group,

Inc.

.........

1,907

103,430

LG

Chem

Ltd.

................

352

101,147

LG

H&H

Co.

Ltd.

..............

41

12,354

NAVER

Corp.

................

572

75,446

POSCO

Holdings,

Inc.

..........

114

32,910

Samsung

C&T

Corp.

...........

374

40,330

Samsung

Electronics

Co.

Ltd.

.....

8,014

445,471

Samsung

SDI

Co.

Ltd.

..........

51

15,783

SK

Hynix,

Inc.

................

483

59,605

SK,

Inc.

....................

677

80,673

1,138,875

Taiwan

—

19.3%

Acer,

Inc.

...................

40,000

55,038

ASE

Technology

Holding

Co.

Ltd.

...

20,000

89,972

Cathay

Financial

Holding

Co.

Ltd.

...

67,978

105,118

Compal

Electronics,

Inc.

.........

65,000

70,899

CTBC

Financial

Holding

Co.

Ltd.

...

104,000

108,547

Delta

Electronics,

Inc.

...........

5,000

48,967

E.Sun

Financial

Holding

Co.

Ltd.

...

116,926

98,253

Elan

Microelectronics

Corp.

.......

5,000

25,166

First

Financial

Holding

Co.

Ltd.

.....

48,771

40,886

Fubon

Financial

Holding

Co.

Ltd.

...

13,000

27,502

Hon

Hai

Precision

Industry

Co.

Ltd.

..

17,000

80,926

MediaTek,

Inc.

................

4,000

120,605

Phison

Electronics

Corp.

.........

1,000

21,346

Primax

Electronics

Ltd.

..........

16,000

47,428

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

36,000

861,975

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

,

ADR

..............

558

76,636

United

Microelectronics

Corp.

.....

65,000

99,868

Security

Shares

Shares

Value

Taiwan

(continued)

WPG

Holdings

Ltd.

............

27,000

$

72,922

2,052,054

Thailand

—

3.8%

Bangchak

Corp.

PCL

,

NVDR

......

65,100

73,327

Bangkok

Dusit

Medical

Services

PCL

,

NVDR

...................

95,900

74,887

Home

Product

Center

PCL

,

NVDR

..

284,700

79,470

PTT

Exploration

&

Production

PCL

,

NVDR

...................

19,900

83,248

PTT

PCL

,

NVDR

..............

98,000

88,815

399,747

Turkey

—

0.7%

Migros

Ticaret

A/S

.............

5,004

68,293

Yapi

ve

Kredi

Bankasi

A/S

........

8,699

8,711

77,004

United

Arab

Emirates

—

0.2%

Abu

Dhabi

Commercial

Bank

PJSC

.

10,398

23,611

United

States

—

0.7%

Genpact

Ltd.

.................

2,346

72,116

Total

Common

Stocks

—

95.9%

(Cost:

$

9,862,844

)

..............................

10,210,132

Preferred

Securities

Preferred

Stocks

—

2.1%

Brazil

—

2.1%

Banco

Bradesco

SA

(Preference)

...

26,687

72,106

Cia

Energetica

de

Minas

Gerais

(Preference)

...............

44,229

82,706

Companhia

Paranaense

de

Energia

(Preference)

...............

1,388

2,425

Itau

Unibanco

Holding

SA

(Preference)

7,083

42,831

Petroleo

Brasileiro

SA

(Preference)

..

3,222

26,011

226,079

Total

Preferred

Stocks

—

2.1%  

(Cost:

$

227,784

)

................................

226,079

Total

Long-Term

Investments

—

98

.0

%

(Cost:

$

10,090,628

)

..............................

10,436,211

Short-Term

Securities

Money

Market

Funds

—

3.3%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(h)

.......

24,743

24,750

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.18

%

......

326,161

326,161

Total

Short-Term

Securities

—

3

.3

%

(Cost:

$

350,911

)

................................

350,911

Total

Investments

—

101.3%

(Cost:

$

10,441,539

)

..............................

10,787,122

Liabilities

in

Excess

of

Other

Assets

—

(

1.3

)

%

............

(

142,949

)

Net

Assets

—

100.0%

..............................

$

10,644,173

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

30

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(f)

Affiliate

of

the

Fund.

(g)

Annualized

7-day

yield

as

of

period

end.

(h)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

24,750

(a)

$

—

$

—

$

—

$

24,750

24,743

$

192

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

329,574

—

(

3,413

)

(a)

—

—

326,161

326,161

14,120

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

3,625

—

(

3,624

)

(a)

1

(

2

)

—

—

—

—

$

1

$

(

2

)

$

350,911

$

14,312

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Schedules

of

Investments

31

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

E-Mini

Index

............................................

6

06/21/24

$

313

$

(

2,159

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

2,159

$

—

$

—

$

—

$

2,159

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

17,974

$

—

$

—

$

—

$

17,974

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

10,754

)

$

—

$

—

$

—

$

(

10,754

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

289,151

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Brazil

...............................................

$

557,041

$

—

$

—

$

557,041

Chile

...............................................

154,695

—

—

154,695

China

...............................................

170,026

2,618,034

—

2,788,060

Greece

..............................................

189,779

—

—

189,779

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

32

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Hungary

.............................................

$

3,135

$

—

$

—

$

3,135

India

...............................................

19,653

1,547,148

—

1,566,801

Indonesia

............................................

—

212,138

—

212,138

Kuwait

..............................................

—

32,556

—

32,556

Malaysia

.............................................

—

349,543

—

349,543

Mexico

..............................................

20,849

—

—

20,849

Poland

..............................................

—

147,218

—

147,218

Qatar

...............................................

6,969

41,943

—

48,912

Russia

..............................................

—

—

1

1

Saudi

Arabia

..........................................

—

335,659

—

335,659

South

Africa

...........................................

—

40,338

—

40,338

South

Korea

..........................................

—

1,138,875

—

1,138,875

Taiwan

..............................................

76,636

1,975,418

—

2,052,054

Thailand

.............................................

—

399,747

—

399,747

Turkey

..............................................

68,293

8,711

—

77,004

United

Arab

Emirates

....................................

—

23,611

—

23,611

United

States

..........................................

72,116

—

—

72,116

Preferred

Securities

.......................................

226,079

—

—

226,079

Short-Term

Securities

Money

Market

Funds

......................................

350,911

—

—

350,911

$

1,916,182

$

8,870,939

$

1

$

10,787,122

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

2,159

)

$

—

$

—

$

(

2,159

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Schedule

of

Investments

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Australia

—

1.1%

Ampol

Ltd.

..................

20

$

472

ANZ

Group

Holdings

Ltd.

........

19

343

Aristocrat

Leisure

Ltd.

...........

315

8,039

Cochlear

Ltd.

................

26

5,424

Coles

Group

Ltd.

..............

122

1,272

Fortescue

Ltd.

................

361

5,983

Macquarie

Group

Ltd.

...........

402

48,135

Orica

Ltd.

...................

210

2,432

Rio

Tinto

Ltd.

................

142

11,818

Rio

Tinto

plc

.................

541

36,605

Worley

Ltd.

..................

616

5,946

126,469

Austria

—

0.2%

BAWAG

Group

AG

(a)(b)

..........

241

14,390

Erste

Group

Bank

AG

...........

47

2,192

OMV

AG

...................

50

2,373

18,955

Belgium

—

0.2%

Groupe

Bruxelles

Lambert

NV

.....

211

15,662

KBC

Group

NV

...............

52

3,863

Sofina

SA

...................

13

3,043

22,568

Brazil

—

1.6%

Ambev

SA

..................

12,638

29,669

Auren

Energia

SA

.............

103

230

CCR

SA

....................

4,689

11,107

Cia

Brasileira

de

Aluminio

(c)

.......

1,044

1,031

Cogna

Educacao

SA

(c)

..........

15,743

6,640

CPFL

Energia

SA

..............

180

1,112

CSN

Mineracao

SA

............

250

238

EcoRodovias

Infraestrutura

e

Logistica

SA

.....................

1,448

2,041

Embraer

SA

(c)

................

615

3,932

Energisa

SA

.................

621

5,407

Marfrig

Global

Foods

SA

(c)

........

6,837

12,508

Natura

&

Co.

Holding

SA

.........

1,971

6,305

Telefonica

Brasil

SA

............

530

4,872

TOTVS

SA

(c)

.................

1,689

9,003

Transmissora

Alianca

de

Energia

Eletrica

SA

................

33

224

Ultrapar

Participacoes

SA

........

2,013

10,068

Wheaton

Precious

Metals

Corp.

....

1,572

81,897

186,284

Canada

—

1.0%

Alamos

Gold,

Inc.

,

Class

A

.......

22

324

Barrick

Gold

Corp.

.............

349

5,800

Canadian

Imperial

Bank

of

Commerce

193

9,009

CGI,

Inc.

,

Class

A

(c)

............

3

304

Empire

Co.

Ltd.

,

Class

A

.........

100

2,330

Enbridge,

Inc.

................

16

569

FirstService

Corp.

.............

63

9,253

Franco-Nevada

Corp.

...........

18

2,167

Great-West

Lifeco,

Inc.

..........

16

473

iA

Financial

Corp.,

Inc.

..........

9

546

Keyera

Corp.

................

277

7,107

Nutrien

Ltd.

..................

138

7,277

Royal

Bank

of

Canada

..........

78

7,546

Shopify,

Inc.

,

Class

A

(c)

..........

263

18,464

Stantec,

Inc.

.................

446

35,511

Toronto-Dominion

Bank

(The)

.....

195

11,568

Security

Shares

Shares

Value

Canada

(continued)

WSP

Global,

Inc.

..............

16

$

2,428

120,676

Chile

—

0.0%

Antofagasta

plc

...............

116

3,182

China

—

3.8%

3SBio,

Inc.

(a)(b)

................

500

400

Alibaba

Group

Holding

Ltd.

.......

3,600

33,707

Baidu,

Inc.

,

Class

A

(c)

...........

750

9,717

Beijing

Capital

International

Airport

Co.

Ltd.

,

Class

H

(c)

..............

2,000

636

Bilibili,

Inc.

,

Class

Z

(c)(d)

..........

320

4,063

BOE

Technology

Group

Co.

Ltd.

,

Class

A

......................

3,500

2,097

BYD

Co.

Ltd.

,

Class

A

...........

1,700

50,952

CECEP

Solar

Energy

Co.

Ltd.

,

Class

A

15,500

11,006

China

Datang

Corp.

Renewable

Power

Co.

Ltd.

,

Class

H

............

1,000

213

China

Eastern

Airlines

Corp.

Ltd.

,

Class

A

(c)

.....................

900

475

China

Merchants

Bank

Co.

Ltd.

,

Class

H

......................

500

2,165

China

State

Construction

Engineering

Corp.

Ltd.

,

Class

A

...........

400

295

China

Vanke

Co.

Ltd.

,

Class

H

.....

300

176

CMOC

Group

Ltd.

,

Class

A

.......

1,800

2,209

COSCO

SHIPPING

Holdings

Co.

Ltd.

,

Class

A

..................

800

1,298

CRRC

Corp.

Ltd.

,

Class

A

........

100

96

ENN

Energy

Holdings

Ltd.

........

100

852

Geely

Automobile

Holdings

Ltd.

....

6,000

7,221

Goldwind

Science

&

Technology

Co.

Ltd.

,

Class

A

...............

9,200

9,642

Goneo

Group

Co.

Ltd.

,

Class

A

....

100

1,644

Gree

Electric

Appliances,

Inc.

of

Zhuhai

,

Class

A

..................

1,300

7,529

Guangzhou

Automobile

Group

Co.

Ltd.

,

Class

A

..................

100

121

Guotai

Junan

Securities

Co.

Ltd.

,

Class

A

......................

600

1,134

Haitong

Securities

Co.

Ltd.

,

Class

A

.

1,900

2,187

Huatai

Securities

Co.

Ltd.

,

Class

A

..

18,700

35,304

Industrial

Securities

Co.

Ltd.

,

Class

A

300

230

JD.com,

Inc.

,

Class

A

...........

1,300

18,731

Jiangxi

Copper

Co.

Ltd.

,

Class

A

...

500

1,790

Jinko

Solar

Co.

Ltd.

,

Class

A

......

3,762

3,903

Jiumaojiu

International

Holdings

Ltd.

(a)(b)

1,000

628

Kingsoft

Cloud

Holdings

Ltd.

(c)

.....

2,000

417

Lenovo

Group

Ltd.

.............

6,000

6,749

Li

Ning

Co.

Ltd.

...............

500

1,309

Meituan

,

Class

B

(a)(b)(c)

...........

3,700

50,522

Midea

Group

Co.

Ltd.

,

Class

A

.....

200

1,920

NetEase,

Inc.

................

900

16,870

NIO,

Inc.

,

Class

A

(c)

............

90

425

Oriental

Pearl

Group

Co.

Ltd.

,

Class

A

400

380

People's

Insurance

Co.

Group

of

China

Ltd.

(The)

,

Class

A

...........

500

360

Ping

An

Insurance

Group

Co.

of

China

Ltd.

,

Class

H

...............

3,500

15,862

SAIC

Motor

Corp.

Ltd.

,

Class

A

....

3,587

7,332

SDIC

Capital

Co.

Ltd.

,

Class

A

.....

700

616

Shanghai

Electric

Group

Co.

Ltd.

,

Class

A

(c)

.....................

1,300

770

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.

,

Class

A

...............

600

1,481

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

China

(continued)

Shenwan

Hongyuan

Group

Co.

Ltd.

,

Class

A

..................

2,100

$

1,357

Shenzhen

Goodix

Technology

Co.

Ltd.

,

Class

A

(c)

.................

200

1,685

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.

,

Class

A

(c)

..............

2,500

907

Sunny

Optical

Technology

Group

Co.

Ltd.

.....................

200

968

Tencent

Holdings

Ltd.

...........

2,300

100,931

Trip.com

Group

Ltd.

(c)

...........

300

14,612

Weichai

Power

Co.

Ltd.

,

Class

A

....

200

479

Wuliangye

Yibin

Co.

Ltd.

,

Class

A

...

100

2,065

Yutong

Bus

Co.

Ltd.

,

Class

A

......

200

705

Zoomlion

Heavy

Industry

Science

&

Technology

Co.

Ltd.

,

Class

A

....

200

234

439,377

Denmark

—

1.8%

Genmab

A/S

(c)

................

31

8,606

Novo

Nordisk

A/S

,

Class

B

.......

1,230

157,738

Novonesis

(Novozymes)

B

,

Class

B

.

586

32,451

Orsted

A/S

(a)(b)(c)

...............

23

1,264

Pandora

A/S

.................

8

1,218

Vestas

Wind

Systems

A/S

(c)

.......

156

4,181

205,458

Finland

—

0.2%

Nordea

Bank

Abp

.............

455

5,332

Wartsila

OYJ

Abp

..............

831

15,330

20,662

France

—

1.7%

Carrefour

SA

.................

406

6,830

Credit

Agricole

SA

.............

245

3,791

Danone

SA

..................

427

26,725

Dassault

Aviation

SA

...........

4

856

Eiffage

SA

..................

151

16,112

Engie

SA

(c)

..................

2,416

41,943

Gecina

SA

..................

6

613

Hermes

International

SCA

........

39

93,366

Thales

SA

...................

5

840

Worldline

SA

(a)(b)(c)

.............

38

394

191,470

Germany

—

2.6%

Allianz

SE

(Registered)

..........

4

1,135

Bayerische

Motoren

Werke

AG

....

107

11,658

Deutsche

Lufthansa

AG

(Registered)

(c)

488

3,492

Deutsche

Telekom

AG

(Registered)

.

1,972

45,170

E.ON

SE

...................

671

8,885

Mercedes-Benz

Group

AG

........

980

74,128

SAP

SE

....................

275

49,656

Siemens

AG

(Registered)

........

591

110,714

304,838

Hong

Kong

—

0.3%

AIA

Group

Ltd.

...............

4,600

33,692

India

—

0.0%

WNS

Holdings

Ltd.

(c)

............

2

84

Indonesia

—

0.0%

Bank

Central

Asia

Tbk.

PT

........

2,800

1,684

Bank

Mandiri

Persero

Tbk.

PT

.....

2,700

1,141

Bank

Rakyat

Indonesia

Persero

Tbk.

PT

.....................

8,900

2,694

5,519

Security

Shares

Shares

Value

Israel

—

0.2%

(c)

Nice

Ltd.

...................

6

$

1,342

Wix.com

Ltd.

.................

189

22,466

23,808

Italy

—

1.4%

A2A

SpA

...................

3,939

7,768

Enel

SpA

...................

13,662

89,793

Intesa

Sanpaolo

SpA

...........

5,695

21,316

UniCredit

SpA

................

1,194

43,825

162,702

Japan

—

5.9%

Amada

Co.

Ltd.

...............

900

9,830

ANA

Holdings,

Inc.

.............

200

3,798

Astellas

Pharma,

Inc.

...........

2,700

25,914

Central

Japan

Railway

Co.

.......

100

2,287

Daiichi

Sankyo

Co.

Ltd.

..........

800

26,926

Daito

Trust

Construction

Co.

Ltd.

...

100

10,719

ENEOS

Holdings,

Inc.

..........

2,900

13,399

Kakaku.com,

Inc.

..............

400

4,601

Kirin

Holdings

Co.

Ltd.

..........

1,400

20,437

Marubeni

Corp.

...............

400

7,127

Mitsubishi

UFJ

Financial

Group,

Inc.

.

10,600

105,590

Mitsui

Fudosan

Co.

Ltd.

.........

5,500

55,974

Mizuho

Financial

Group,

Inc.

......

5,000

96,646

Nintendo

Co.

Ltd.

..............

100

4,877

Nippon

Express

Holdings,

Inc.

.....

100

5,116

Nippon

Telegraph

&

Telephone

Corp.

800

864

Ono

Pharmaceutical

Co.

Ltd.

......

300

4,321

ORIX

Corp.

..................

1,200

24,558

Otsuka

Holdings

Co.

Ltd.

........

200

8,551

Panasonic

Holdings

Corp.

........

5,500

48,007

Sega

Sammy

Holdings,

Inc.

.......

400

5,236

Sekisui

House

Ltd.

.............

1,200

27,576

Shimadzu

Corp.

...............

200

5,434

SoftBank

Corp.

...............

400

4,825

SoftBank

Group

Corp.

..........

100

4,918

Sompo

Holdings,

Inc.

...........

600

11,874

Sumitomo

Corp.

..............

300

7,889

Sumitomo

Mitsui

Financial

Group,

Inc.

1,400

79,525

Toho

Co.

Ltd.

................

200

6,700

Tokyo

Electron

Ltd.

............

200

43,869

677,388

Luxembourg

—

0.5%

ArcelorMittal

SA

...............

2,176

54,363

Mexico

—

0.2%

Grupo

Aeroportuario

del

Sureste

SAB

de

CV

,

Class

B

.............

30

1,033

Southern

Copper

Corp.

..........

158

18,434

Wal-Mart

de

Mexico

SAB

de

CV

....

325

1,211

20,678

Netherlands

—

0.9%

ABN

AMRO

Bank

NV

,

CVA

(a)(b)

.....

207

3,316

ASML

Holding

NV

.............

13

11,323

ING

Groep

NV

................

2,422

38,293

NN

Group

NV

................

1,078

49,729

Wolters

Kluwer

NV

.............

13

1,946

104,607

New

Zealand

—

0.0%

Xero

Ltd.

(c)

..................

66

5,124

Norway

—

0.4%

Aker

BP

ASA

.................

37

897

DNB

Bank

ASA

...............

1,917

33,412

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Norway

(continued)

Equinor

ASA

.................

384

$

10,217

Kongsberg

Gruppen

ASA

........

37

2,612

Norsk

Hydro

ASA

..............

577

3,546

50,684

Singapore

—

0.3%

DBS

Group

Holdings

Ltd.

........

220

5,601

Singapore

Airlines

Ltd.

..........

5,300

25,289

Singapore

Telecommunications

Ltd.

.

700

1,214

United

Overseas

Bank

Ltd.

.......

200

4,438

36,542

South

Africa

—

0.2%

Anglo

American

plc

............

732

23,851

MTN

Group

Ltd.

...............

42

202

MultiChoice

Group

(c)

............

143

915

Standard

Bank

Group

Ltd.

........

40

376

25,344

South

Korea

—

0.8%

Amorepacific

Group

............

358

8,643

BGF

retail

Co.

Ltd.

.............

23

2,168

Cheil

Worldwide,

Inc.

...........

357

4,869

CJ

Corp.

...................

11

1,009

CJ

ENM

Co.

Ltd.

(c)

.............

110

6,018

Coupang,

Inc.

,

Class

A

(c)

.........

136

3,060

HDC

Hyundai

Development

Co-

Engineering

&

Construction

.....

56

710

Hugel,

Inc.

(c)

.................

36

5,504

Hyosung

Advanced

Materials

Corp.

.

2

528

KCC

Corp.

..................

5

905

LG

Chem

Ltd.

................

130

37,355

NCSoft

Corp.

................

60

7,581

PharmaResearch

Co.

Ltd.

........

59

5,404

SK

Telecom

Co.

Ltd.

............

331

12,241

95,995

Spain

—

0.9%

Banco

Santander

SA

...........

1,701

8,276

Iberdrola

SA

.................

240

2,943

Industria

de

Diseno

Textil

SA

......

1,192

54,273

Repsol

SA

..................

2,062

32,365

97,857

Sweden

—

0.8%

Atlas

Copco

AB

,

Class

A

.........

384

6,726

Atlas

Copco

AB

,

Class

B

.........

22

330

Investor

AB

,

Class

B

............

2,022

49,524

Saab

AB

,

Class

B

.............

84

6,650

Swedbank

AB

,

Class

A

..........

1,105

21,130

Tele2

AB

,

Class

B

.............

301

2,808

Trelleborg

AB

,

Class

B

..........

7

247

87,415

Switzerland

—

2.0%

ABB

Ltd.

(Registered)

...........

2,199

106,846

Flughafen

Zurich

AG

(Registered)

...

33

6,607

Kuehne

+

Nagel

International

AG

(Registered)

...............

191

50,481

Novartis

AG

(Registered)

........

617

59,884

Sonova

Holding

AG

(Registered)

...

12

3,317

227,135

Taiwan

—

1.0%

Makalot

Industrial

Co.

Ltd.

........

1,000

11,973

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

..................

4,000

95,775

Security

Shares

Shares

Value

Taiwan

(continued)

Wisdom

Marine

Lines

Co.

Ltd.

.....

2,000

$

4,179

111,927

Turkey

—

0.1%

Anadolu

Efes

Biracilik

ve

Malt

Sanayii

A/S

,

Class

A

...............

390

2,198

Coca-Cola

Icecek

A/S

...........

22

492

Enerjisa

Enerji

A/S

(a)(b)(c)

..........

327

685

Migros

Ticaret

A/S

.............

231

3,153

6,528

United

Kingdom

—

2.0%

AstraZeneca

plc

..............

106

16,032

Auto

Trader

Group

plc

(a)(b)

........

1,165

10,100

BAE

Systems

plc

..............

1,397

23,235

Barclays

plc

.................

5,488

13,837

British

Land

Co.

plc

(The)

........

1,760

8,487

Drax

Group

plc

...............

180

1,165

easyJet

plc

..................

324

2,170

Informa

plc

..................

1,665

16,483

Johnson

Matthey

plc

...........

40

878

Land

Securities

Group

plc

........

52

420

National

Grid

plc

..............

123

1,613

Smiths

Group

plc

..............

594

11,975

Spectris

plc

..................

384

15,884

Standard

Chartered

plc

..........

94

808

Taylor

Wimpey

plc

.............

2,782

4,559

Tesco

plc

...................

14,920

55,086

United

Utilities

Group

plc

.........

1,113

14,508

Vodafone

Group

plc

............

35,321

29,786

WPP

plc

....................

32

321

227,347

United

States

—

65.5%

3M

Co.

.....................

490

47,290

AbbVie,

Inc.

.................

324

52,695

Acuity

Brands,

Inc.

.............

70

17,381

Adobe,

Inc.

(c)

.................

146

67,573

AECOM

....................

940

86,818

Agilent

Technologies,

Inc.

........

535

73,316

Alaska

Air

Group,

Inc.

(c)

..........

44

1,893

Alkermes

plc

(c)

................

39

957

Alphabet,

Inc.

,

Class

A

(c)

.........

1,153

187,685

Alphabet,

Inc.

,

Class

C

(c)

.........

1,026

168,921

Amazon.com,

Inc.

(c)

............

2,019

353,325

American

Express

Co.

..........

455

106,484

American

Tower

Corp.

..........

40

6,862

Amgen,

Inc.

.................

109

29,859

Aon

plc

,

Class

A

..............

35

9,870

Apple,

Inc.

..................

2,920

497,364

Applied

Materials,

Inc.

..........

540

107,271

AptarGroup,

Inc.

..............

17

2,454

Autodesk,

Inc.

(c)

...............

25

5,321

Automatic

Data

Processing,

Inc.

....

7

1,693

Baker

Hughes

Co.

,

Class

A

.......

33

1,076

Bank

of

America

Corp.

..........

2,075

76,796

Becton

Dickinson

&

Co.

.........

4

938

Berkshire

Hathaway,

Inc.

,

Class

B

(c)

.

154

61,096

Best

Buy

Co.,

Inc.

.............

957

70,473

Block,

Inc.

,

Class

A

(c)

...........

203

14,819

Booking

Holdings,

Inc.

..........

30

103,561

Box,

Inc.

,

Class

A

(c)

............

464

12,073

Bristol-Myers

Squibb

Co.

.........

1,015

44,599

Brixmor

Property

Group,

Inc.

......

38

840

Broadcom,

Inc.

...............

22

28,606

Bunge

Global

SA

..............

266

27,068

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

United

States

(continued)

Cadence

Design

Systems,

Inc.

(c)

...

330

$

90,958

Cardinal

Health,

Inc.

............

310

31,942

CBRE

Group,

Inc.

,

Class

A

(c)

......

105

9,123

Centene

Corp.

(c)

..............

45

3,288

Chevron

Corp.

................

699

112,728

Cigna

Group

(The)

.............

43

15,353

Cirrus

Logic,

Inc.

(c)

.............

98

8,680

Coca-Cola

Co.

(The)

...........

1,780

109,951

Colgate-Palmolive

Co.

..........

1,124

103,318

Comcast

Corp.

,

Class

A

.........

1,498

57,089

ConocoPhillips

...............

890

111,802

Costco

Wholesale

Corp.

.........

34

24,579

Crowdstrike

Holdings,

Inc.

,

Class

A

(c)

.

12

3,510

CSL

Ltd.

....................

47

8,351

Curtiss-Wright

Corp.

............

169

42,828

Deckers

Outdoor

Corp.

(c)

.........

12

9,822

Dell

Technologies,

Inc.

,

Class

C

....

225

28,044

DR

Horton,

Inc.

...............

44

6,270

eBay,

Inc.

...................

346

17,833

Elevance

Health,

Inc.

...........

131

69,244

Eli

Lilly

&

Co.

................

132

103,105

EMCOR

Group,

Inc.

............

138

49,289

EOG

Resources,

Inc.

...........

218

28,804

Equinix,

Inc.

.................

40

28,444

ExlService

Holdings,

Inc.

(c)

.......

77

2,233

Expeditors

International

of

Washington,

Inc.

.....................

8

890

Experian

plc

.................

521

21,014

Exxon

Mobil

Corp.

.............

897

106,088

Flowserve

Corp.

..............

11

519

Fortinet,

Inc.

(c)

................

47

2,969

Fox

Corp.

,

Class

A

.............

324

10,047

Franklin

Resources,

Inc.

.........

176

4,020

General

Mills,

Inc.

.............

941

66,303

Gilead

Sciences,

Inc.

...........

288

18,778

GoDaddy,

Inc.

,

Class

A

(c)

.........

86

10,525

Graco,

Inc.

..................

368

29,514

HCA

Healthcare,

Inc.

...........

12

3,718

Hexcel

Corp.

.................

7

449

Home

Depot,

Inc.

(The)

.........

245

81,884

Honeywell

International,

Inc.

......

529

101,954

HP,

Inc.

....................

3,263

91,658

Huntington

Ingalls

Industries,

Inc.

...

9

2,492

Huntsman

Corp.

..............

202

4,820

IDEXX

Laboratories,

Inc.

(c)

........

9

4,435

Incyte

Corp.

(c)

................

139

7,235

Intel

Corp.

..................

223

6,795

Intuitive

Surgical,

Inc.

(c)

..........

38

14,084

Invesco

Ltd.

.................

491

6,957

James

Hardie

Industries

plc

,

CDI

(c)

..

222

7,632

Johnson

&

Johnson

............

804

116,250

Jones

Lang

LaSalle,

Inc.

(c)

........

13

2,349

JPMorgan

Chase

&

Co.

.........

129

24,734

KB

Home

...................

37

2,396

Keysight

Technologies,

Inc.

(c)

......

46

6,805

Kimberly-Clark

Corp.

...........

298

40,686

KLA

Corp.

...................

47

32,397

Lam

Research

Corp.

...........

99

88,547

Leidos

Holdings,

Inc.

...........

25

3,506

Lennar

Corp.

,

Class

A

...........

138

20,924

Louisiana-Pacific

Corp.

..........

3

220

Manhattan

Associates,

Inc.

(c)

......

345

71,091

Marathon

Petroleum

Corp.

.......

273

49,610

Marsh

&

McLennan

Cos.,

Inc.

.....

86

17,151

Mastercard,

Inc.

,

Class

A

.........

324

146,189

Security

Shares

Shares

Value

United

States

(continued)

Maximus,

Inc.

................

12

$

963

McDonald's

Corp.

.............

76

20,751

Medtronic

plc

................

1,291

103,590

Merck

&

Co.,

Inc.

..............

1,026

132,580

Meta

Platforms,

Inc.

,

Class

A

......

289

124,319

MetLife,

Inc.

.................

1,085

77,122

Microsoft

Corp.

...............

1,366

531,825

Mondelez

International,

Inc.

,

Class

A

.

68

4,892

Moody's

Corp.

................

109

40,366

Motorola

Solutions,

Inc.

.........

4

1,357

MSCI,

Inc.

..................

21

9,782

Nasdaq,

Inc.

.................

75

4,489

NetApp,

Inc.

.................

26

2,657

Netflix,

Inc.

(c)

.................

87

47,906

Neurocrine

Biosciences,

Inc.

(c)

.....

58

7,977

Northrop

Grumman

Corp.

........

76

36,862

Nutanix,

Inc.

,

Class

A

(c)

..........

313

18,999

NVIDIA

Corp.

................

508

438,922

Old

Dominion

Freight

Line,

Inc.

....

2

363

Oshkosh

Corp.

...............

162

18,188

Otis

Worldwide

Corp.

...........

450

41,040

Owens

Corning

...............

117

19,681

PepsiCo,

Inc.

................

555

97,630

PPG

Industries,

Inc.

............

48

6,192

Procter

&

Gamble

Co.

(The)

......

334

54,509

Prologis,

Inc.

.................

148

15,103

QUALCOMM,

Inc.

.............

708

117,422

Regeneron

Pharmaceuticals,

Inc.

(c)

..

11

9,797

Reinsurance

Group

of

America,

Inc.

.

31

5,797

Reliance,

Inc.

................

12

3,417

Robert

Half,

Inc.

..............

57

3,941

RPM

International,

Inc.

..........

95

10,156

S&P

Global,

Inc.

..............

102

42,415

SBA

Communications

Corp.

......

2

372

Schlumberger

NV

.............

858

40,738

Schneider

Electric

SE

...........

315

71,824

ServiceNow,

Inc.

(c)

.............

107

74,186

Shell

plc

....................

962

34,198

Sherwin-Williams

Co.

(The)

.......

1

300

Signify

NV

(a)(b)

................

31

845

Solventum

Corp.

(c)

.............

185

12,027

Spotify

Technology

SA

(c)

.........

185

51,881

Stryker

Corp.

................

82

27,593

Synchrony

Financial

............

111

4,882

Taylor

Morrison

Home

Corp.

(c)

.....

67

3,753

TE

Connectivity

Ltd.

............

669

94,650

Teradata

Corp.

(c)

..............

156

5,788

Tesla,

Inc.

(c)

..................

257

47,103

Tetra

Tech,

Inc.

...............

97

18,888

TJX

Cos.,

Inc.

(The)

............

151

14,208

Toll

Brothers,

Inc.

..............

38

4,526

Travelers

Cos.,

Inc.

(The)

........

274

58,132

Uber

Technologies,

Inc.

(c)

........

466

30,882

UGI

Corp.

...................

1,181

30,186

UnitedHealth

Group,

Inc.

.........

188

90,936

Valero

Energy

Corp.

............

461

73,700

Veeva

Systems,

Inc.

,

Class

A

(c)

.....

7

1,390

VeriSign,

Inc.

(c)

...............

175

29,659

Vertex

Pharmaceuticals,

Inc.

(c)

.....

57

22,390

Visa,

Inc.

,

Class

A

.............

105

28,204

Workday,

Inc.

,

Class

A

(c)

.........

95

23,249

WW

Grainger,

Inc.

.............

1

921

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the period

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

United

States

(continued)

Zillow

Group,

Inc.

,

Class

C

(c)

......

249

$

10,600

7,530,221

Total

Common

Stocks

—

97.6%

(Cost:

$10,121,377)

..............................

11,224,899

Preferred

Securities

Preferred

Stocks

—

0.2%

Brazil

—

0.1%

Braskem

SA

(Preference),

Series

A,

Class

A

(c)

.................

1,969

8,088

Cia

Energetica

de

Minas

Gerais

(Preference)

...............

96

180

Energisa

SA

(Preference)

........

2

3

Itau

Unibanco

Holding

SA

(Preference)

730

4,414

Marcopolo

SA

(Preference)

.......

866

1,108

13,793

Security

Shares

Shares

Value

Germany

—

0.1%

Volkswagen

AG

(Preference)

......

117

$

14,333

Total

Preferred

Stocks

—

0.2%  

(Cost:

$29,031)

................................

28,126

Total

Long-Term

Investments

—

97.8%

(Cost:

$10,150,408)

..............................

11,253,025

Short-Term

Securities

Money

Market

Funds

—

2.0%

(e)(f)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.49%

(g)

.......

4,143

4,143

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class,

5.18%

......

228,055

228,055

Total

Short-Term

Securities

—

2.0%

(Cost:

$232,198)

................................

232,198

Total

Investments

—

99.8%

(Cost:

$10,382,606)

..............................

11,485,223

Other

Assets

Less

Liabilities

—

0.2%

...................

19,357

Net

Assets

—

100.0%

..............................

$

11,504,580

(a)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(b)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(c)

Non-income

producing

security.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

06/21/23

(a)

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

4,143

(b)

$

—

$

—

$

—

$

4,143

4,143

$

8

(c)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

—

228,055

(b)

—

—

—

228,055

228,055

11,004

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(d)

........

—

3

(b)

—

(3)

—

—

—

—

—

iShares

MSCI

Brazil

ETF

(d)

..

—

61,038

(63,563)

2,525

—

—

—

2,181

—

iShares

MSCI

South

Korea

ETF

(d)

..............

—

111,686

(108,449)

(3,237)

—

—

—

2,652

—

$

(715)

$

—

$

232,198

$

15,845

$

—

—

—

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(d)

As

of

period

end,

the

entity

is

no

longer

held.

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

38

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

India

Index

..........................................................

1

06/21/24

$

123

$

(

336

)

S&P

500

Micro

E-Mini

Index

...................................................

4

06/21/24

101

(

3,132

)

$

(

3,468

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

3,468

$

—

$

—

$

—

$

3,468

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

30,169

$

—

$

—

$

—

$

30,169

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

3,468

)

$

—

$

—

$

—

$

(

3,468

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

191,578

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

.............................................

$

—

$

126,469

$

—

$

126,469

Austria

..............................................

—

18,955

—

18,955

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Schedules

of

Investments

39

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Belgium

.............................................

$

—

$

22,568

$

—

$

22,568

Brazil

...............................................

186,284

—

—

186,284

Canada

.............................................

120,676

—

—

120,676

Chile

...............................................

—

3,182

—

3,182

China

...............................................

1,298

438,079

—

439,377

Denmark

.............................................

—

205,458

—

205,458

Finland

..............................................

—

20,662

—

20,662

France

..............................................

—

191,470

—

191,470

Germany

............................................

—

304,838

—

304,838

Hong

Kong

...........................................

—

33,692

—

33,692

India

...............................................

84

—

—

84

Indonesia

............................................

—

5,519

—

5,519

Israel

...............................................

22,466

1,342

—

23,808

Italy

................................................

—

162,702

—

162,702

Japan

...............................................

—

677,388

—

677,388

Luxembourg

..........................................

—

54,363

—

54,363

Mexico

..............................................

20,678

—

—

20,678

Netherlands

...........................................

—

104,607

—

104,607

New

Zealand

..........................................

—

5,124

—

5,124

Norway

..............................................

—

50,684

—

50,684

Singapore

............................................

—

36,542

—

36,542

South

Africa

...........................................

1,117

24,227

—

25,344

South

Korea

..........................................

3,060

92,935

—

95,995

Spain

...............................................

—

97,857

—

97,857

Sweden

.............................................

—

87,415

—

87,415

Switzerland

...........................................

—

227,135

—

227,135

Taiwan

..............................................

—

111,927

—

111,927

Turkey

..............................................

5,843

685

—

6,528

United

Kingdom

........................................

2,043

225,304

—

227,347

United

States

..........................................

7,386,357

143,864

—

7,530,221

Preferred

Securities

Brazil

...............................................

13,793

—

—

13,793

Germany

............................................

—

14,333

—

14,333

Short-Term

Securities

Money

Market

Funds

......................................

232,198

—

—

232,198

$

7,995,897

$

3,489,326

$

—

$

11,485,223

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

3,132

)

$

(

336

)

$

—

$

(

3,468

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Australia

—

5.3%

Ampol

Ltd.

..................

427

$

10,083

Aristocrat

Leisure

Ltd.

...........

3,402

86,819

Brambles

Ltd.

................

5,934

55,825

Cochlear

Ltd.

................

385

80,314

Coles

Group

Ltd.

..............

50

521

Commonwealth

Bank

of

Australia

...

414

30,334

Evolution

Mining

Ltd.

...........

2,926

7,546

Flight

Centre

Travel

Group

Ltd.

....

196

2,664

Fortescue

Ltd.

................

1,846

30,596

IGO

Ltd.

....................

127

633

Iluka

Resources

Ltd.

............

2,447

11,899

JB

Hi-Fi

Ltd.

.................

70

2,732

Macquarie

Group

Ltd.

...........

1,096

131,233

Orica

Ltd.

...................

546

6,322

QBE

Insurance

Group

Ltd.

.......

1,970

22,535

REA

Group

Ltd.

...............

406

46,539

Rio

Tinto

Ltd.

................

842

70,075

Rio

Tinto

plc

.................

871

58,933

South32

Ltd.

.................

15,807

36,063

Stockland

(a)

..................

4,656

13,191

Transurban

Group

(a)

............

556

4,464

Wesfarmers

Ltd.

..............

594

25,446

Woodside

Energy

Group

Ltd.

......

1,347

24,134

Worley

Ltd.

..................

7,810

75,391

834,292

Austria

—

0.7%

BAWAG

Group

AG

(b)

(c)

...........

589

35,170

Erste

Group

Bank

AG

...........

1,311

61,139

OMV

AG

...................

49

2,325

Verbund

AG

.................

206

15,736

114,370

Belgium

—

0.6%

Groupe

Bruxelles

Lambert

NV

.....

296

21,972

KBC

Group

NV

...............

879

65,296

Sofina

SA

...................

5

1,170

Warehouses

De

Pauw

CVA

.......

223

5,897

94,335

China

—

0.3%

BOC

Hong

Kong

Holdings

Ltd.

.....

15,000

45,976

Budweiser

Brewing

Co.

APAC

Ltd.

(b)

(c)

500

696

Wilmar

International

Ltd.

.........

400

940

47,612

Denmark

—

4.7%

Genmab

A/S

(d)

................

89

24,709

Novo

Nordisk

A/S

,

Class

B

.......

4,013

514,637

Novonesis

(Novozymes)

B

,

Class

B

.

2,058

113,965

Pandora

A/S

.................

271

41,246

Vestas

Wind

Systems

A/S

(d)

.......

1,215

32,560

727,117

Finland

—

0.5%

Nordea

Bank

Abp

.............

1,399

16,394

Sampo

OYJ

,

Class

A

...........

17

690

Wartsila

OYJ

Abp

..............

3,597

66,355

83,439

France

—

8.8%

Air

Liquide

SA

................

82

16,037

Airbus

SE

...................

56

9,215

Arkema

SA

..................

66

6,810

AXA

SA

....................

3,760

129,914

Carrefour

SA

.................

4,512

75,906

Security

Shares

Shares

Value

France

(continued)

Cie

Generale

des

Etablissements

Michelin

SCA

..............

732

$

28,123

Credit

Agricole

SA

.............

6,906

106,858

Danone

SA

..................

2,505

156,781

Dassault

Aviation

SA

...........

76

16,268

Dassault

Systemes

SE

..........

1,720

67,513

Eiffage

SA

..................

850

90,694

Engie

SA

(d)

..................

5,578

96,838

Eurazeo

SE

(d)

................

135

12,161

Gecina

SA

..................

169

17,255

Hermes

International

SCA

........

76

181,943

La

Francaise

des

Jeux

SAEM

(b)

(c)

...

358

13,491

Legrand

SA

.................

16

1,644

L'Oreal

SA

..................

52

24,380

LVMH

Moet

Hennessy

Louis

Vuitton

SE

163

133,894

Pernod

Ricard

SA

.............

295

44,616

Publicis

Groupe

SA

............

126

13,904

Rexel

SA

...................

71

1,840

Safran

SA

...................

3

651

Thales

SA

...................

8

1,345

TotalEnergies

SE

..............

948

68,824

Ubisoft

Entertainment

SA

(d)

.......

457

10,762

Valeo

SE

...................

4,041

51,214

Worldline

SA

(b)

(c)

(d)

.............

219

2,272

1,381,153

Germany

—

8.4%

Allianz

SE

(Registered)

..........

655

185,879

Bayerische

Motoren

Werke

AG

....

276

30,070

Beiersdorf

AG

................

5

752

Continental

AG

...............

61

3,954

Deutsche

Boerse

AG

...........

57

10,989

Deutsche

Lufthansa

AG

(Registered)

(d)

1,617

11,572

Deutsche

Telekom

AG

(Registered)

.

8,137

186,383

Evonik

Industries

AG

...........

1,223

25,488

Fresenius

SE

&

Co.

KGaA

........

186

5,550

Henkel

AG

&

Co.

KGaA

.........

379

27,253

Mercedes-Benz

Group

AG

........

2,236

169,133

Muenchener

Rueckversicherungs-

Gesellschaft

AG

(Registered)

....

239

105,114

Nordex

SE

(d)

.................

634

8,924

SAP

SE

....................

1,623

293,060

Scout24

SE

(b)

(c)

...............

58

4,261

Siemens

AG

(Registered)

........

1,342

251,402

1,319,784

Hong

Kong

—

1.4%

AIA

Group

Ltd.

...............

24,400

178,715

CK

Asset

Holdings

Ltd.

..........

2,000

8,531

Swire

Properties

Ltd.

...........

3,800

7,859

Wharf

Real

Estate

Investment

Co.

Ltd.

8,000

24,820

219,925

Ireland

—

0.1%

Kerry

Group

plc

,

Class

A

.........

136

11,704

Kingspan

Group

plc

............

33

2,935

14,639

Israel

—

0.5%

Bank

Hapoalim

BM

............

1,959

17,648

Elbit

Systems

Ltd.

.............

74

15,063

Nice

Ltd.

(d)

..................

213

47,629

80,340

Italy

—

2.0%

A2A

SpA

...................

16,033

31,619

Assicurazioni

Generali

SpA

.......

940

22,919

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Italy

(continued)

Enel

SpA

...................

17,098

$

112,376

Eni

SpA

....................

945

15,178

Intesa

Sanpaolo

SpA

...........

13,778

51,571

Mediobanca

Banca

di

Credito

Finanziario

SpA

.............

115

1,634

Poste

Italiane

SpA

(b)

(c)

...........

429

5,450

Terna

-

Rete

Elettrica

Nazionale

....

1,319

10,568

UniCredit

SpA

................

1,601

58,764

310,079

Japan

—

23.2%

Advantest

Corp.

...............

1,100

34,431

Asahi

Group

Holdings

Ltd.

........

900

30,788

Asahi

Kasei

Corp.

.............

5,000

34,861

Astellas

Pharma,

Inc.

...........

8,400

80,622

Canon,

Inc.

..................

100

2,707

Central

Japan

Railway

Co.

.......

500

11,434

Dai-ichi

Life

Holdings,

Inc.

........

900

20,845

Daiichi

Sankyo

Co.

Ltd.

..........

4,800

161,557

Daito

Trust

Construction

Co.

Ltd.

...

100

10,719

Daiwa

House

Industry

Co.

Ltd.

.....

2,700

75,975

Daiwa

Securities

Group,

Inc.

......

1,000

7,349

Disco

Corp.

..................

100

28,485

ENEOS

Holdings,

Inc.

..........

4,500

20,791

Hitachi

Ltd.

..................

2,100

193,747

Honda

Motor

Co.

Ltd.

...........

300

3,413

Hoya

Corp.

..................

200

23,188

Hulic

Co.

Ltd.

................

300

2,764

ITOCHU

Corp.

...............

1,000

45,115

Japan

Exchange

Group,

Inc.

......

200

4,684

Japan

Post

Bank

Co.

Ltd.

........

1,300

13,195

Japan

Post

Holdings

Co.

Ltd.

......

400

3,841

KDDI

Corp.

..................

200

5,550

Kirin

Holdings

Co.

Ltd.

..........

3,800

55,471

Komatsu

Ltd.

................

1,200

35,827

Marubeni

Corp.

...............

8,300

147,876

Mitsubishi

Estate

Co.

Ltd.

........

4,400

80,629

Mitsubishi

HC

Capital,

Inc.

........

100

648

Mitsubishi

UFJ

Financial

Group,

Inc.

.

22,300

222,138

Mitsui

&

Co.

Ltd.

..............

1,900

91,724

Mitsui

Fudosan

Co.

Ltd.

.........

4,200

42,744

Mizuho

Financial

Group,

Inc.

......

8,500

164,297

MS&AD

Insurance

Group

Holdings,

Inc.

1,300

23,373

Murata

Manufacturing

Co.

Ltd.

.....

4,800

87,706

Nikon

Corp.

.................

2,000

20,679

Nintendo

Co.

Ltd.

..............

2,600

126,799

Nippon

Express

Holdings,

Inc.

.....

400

20,463

Nippon

Telegraph

&

Telephone

Corp.

4,500

4,858

Nitto

Denko

Corp.

.............

500

41,343

Nomura

Real

Estate

Holdings,

Inc.

..

200

5,599

Nomura

Research

Institute

Ltd.

....

1,600

38,717

Obayashi

Corp.

...............

500

5,580

Ono

Pharmaceutical

Co.

Ltd.

......

200

2,881

Oriental

Land

Co.

Ltd.

..........

2,900

80,016

ORIX

Corp.

..................

5,000

102,327

Otsuka

Corp.

................

1,200

23,866

Otsuka

Holdings

Co.

Ltd.

........

900

38,481

Panasonic

Holdings

Corp.

........

13,900

121,326

Recruit

Holdings

Co.

Ltd.

........

4,100

176,576

Renesas

Electronics

Corp.

.......

1,000

16,236

Resona

Holdings,

Inc.

..........

1,900

12,015

Sankyo

Co.

Ltd.

...............

1,300

14,121

Sega

Sammy

Holdings,

Inc.

.......

2,800

36,649

Sekisui

House

Ltd.

.............

3,500

80,431

Shimadzu

Corp.

...............

400

10,867

Shin-Etsu

Chemical

Co.

Ltd.

......

200

7,742

Security

Shares

Shares

Value

Japan

(continued)

SoftBank

Corp.

...............

2,700

$

32,567

SoftBank

Group

Corp.

..........

900

44,263

Sompo

Holdings,

Inc.

...........

2,100

41,559

Sony

Group

Corp.

.............

200

16,530

Sumitomo

Corp.

..............

4,000

105,189

Sumitomo

Metal

Mining

Co.

Ltd.

....

300

10,023

Sumitomo

Mitsui

Financial

Group,

Inc.

3,200

181,772

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.

200

4,205

Suntory

Beverage

&

Food

Ltd.

.....

200

6,507

T&D

Holdings,

Inc.

.............

500

8,159

Tokio

Marine

Holdings,

Inc.

.......

1,900

60,052

Tokyo

Electron

Ltd.

............

900

197,411

Toyota

Motor

Corp.

............

6,200

141,413

Toyota

Tsusho

Corp.

............

100

6,358

Unicharm

Corp.

...............

500

14,857

3,626,931

Luxembourg

—

0.8%

ArcelorMittal

SA

...............

4,744

118,519

Netherlands

—

5.5%

Adyen

NV

(b)

(c)

(d)

...............

15

17,970

Aegon

Ltd.

..................

1,138

7,087

Argenx

SE

(d)

.................

34

12,701

ASML

Holding

NV

.............

508

442,475

Euronext

NV

(b)

(c)

...............

294

26,475

ING

Groep

NV

................

9,644

152,474

NN

Group

NV

................

2,766

127,598

Wolters

Kluwer

NV

.............

463

69,314

856,094

New

Zealand

—

0.3%

Meridian

Energy

Ltd.

...........

2,688

9,504

Xero

Ltd.

(d)

..................

525

40,760

50,264

Norway

—

1.0%

Aker

BP

ASA

.................

68

1,649

Equinor

ASA

.................

3,249

86,451

Kongsberg

Gruppen

ASA

........

223

15,742

Norsk

Hydro

ASA

..............

7,217

44,351

Orkla

ASA

...................

376

2,558

150,751

Singapore

—

0.7%

Singapore

Airlines

Ltd.

..........

1,500

7,157

Singapore

Telecommunications

Ltd.

.

41,100

71,279

United

Overseas

Bank

Ltd.

.......

1,100

24,410

102,846

Spain

—

3.4%

Acciona

SA

..................

266

30,751

Amadeus

IT

Group

SA

..........

197

12,505

Banco

de

Sabadell

SA

..........

3,163

6,042

Banco

Santander

SA

...........

37,901

184,412

Iberdrola

SA

.................

3,817

46,803

Industria

de

Diseno

Textil

SA

......

3,368

153,348

Repsol

SA

..................

5,978

93,831

Telefonica

SA

................

917

4,108

531,800

Sweden

—

3.4%

Alfa

Laval

AB

................

109

4,641

Assa

Abloy

AB

,

Class

B

.........

3,249

85,843

Atlas

Copco

AB

,

Class

A

.........

3,782

66,246

Atlas

Copco

AB

,

Class

B

.........

3,056

45,822

Boliden

AB

..................

103

3,385

Hexagon

AB

,

Class

B

...........

8,141

85,163

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

42

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Sweden

(continued)

Industrivarden

AB

,

Class

A

.......

27

$

870

Investor

AB

,

Class

B

............

5,690

139,364

SKF

AB

,

Class

B

..............

31

637

Swedbank

AB

,

Class

A

..........

1,730

33,082

Tele2

AB

,

Class

B

.............

4,236

39,509

Trelleborg

AB

,

Class

B

..........

959

33,797

538,359

Switzerland

—

5.8%

ABB

Ltd.

(Registered)

...........

4,064

197,463

Chocoladefabriken

Lindt

&

Spruengli

AG

.....................

4

46,076

Flughafen

Zurich

AG

(Registered)

...

154

30,831

Givaudan

SA

(Registered)

........

7

29,937

Kuehne

+

Nagel

International

AG

(Registered)

...............

423

111,798

Logitech

International

SA

(Registered)

642

49,984

Novartis

AG

(Registered)

........

3,174

308,061

Sonova

Holding

AG

(Registered)

...

463

127,988

902,138

United

Kingdom

—

11.0%

3i

Group

plc

.................

164

5,859

AstraZeneca

plc

..............

2,353

355,889

Auto

Trader

Group

plc

(b)

(c)

........

8,015

69,486

Aviva

plc

...................

1,361

7,902

BAE

Systems

plc

..............

10,180

169,316

British

Land

Co.

plc

(The)

........

5,793

27,935

BT

Group

plc

.................

17,600

22,507

Bunzl

plc

...................

498

19,097

Compass

Group

plc

............

1,990

55,349

ConvaTec

Group

plc

(b)

(c)

.........

8,409

26,163

Drax

Group

plc

...............

2,860

18,512

HSBC

Holdings

plc

............

7,465

64,706

IG

Group

Holdings

plc

..........

84

784

Informa

plc

..................

9,029

89,386

Intertek

Group

plc

.............

729

44,867

J

Sainsbury

plc

...............

10,195

33,441

Johnson

Matthey

plc

...........

2,417

53,034

Kingfisher

plc

................

4,590

14,139

London

Stock

Exchange

Group

plc

..

410

45,199

Man

Group

plc

...............

170

545

Marks

&

Spencer

Group

plc

.......

1,096

3,492

RELX

plc

...................

2,518

103,457

Rightmove

plc

................

914

5,855

Rolls-Royce

Holdings

plc

(d)

.......

1,081

5,543

Smiths

Group

plc

..............

3,271

65,943

Spectris

plc

..................

499

20,640

Standard

Chartered

plc

..........

2,990

25,689

Tesco

plc

...................

39,303

145,110

Unilever

plc

..................

1,881

97,304

Vodafone

Group

plc

............

142,242

119,953

Weir

Group

plc

(The)

...........

80

2,041

WPP

plc

....................

636

6,375

1,725,518

United

States

—

8.9%

BP

plc

.....................

17,957

115,744

CRH

plc

....................

461

35,700

CSL

Ltd.

....................

409

72,669

Experian

plc

.................

472

19,038

GSK

plc

....................

5,675

117,739

Holcim

AG

(d)

.................

106

8,873

James

Hardie

Industries

plc

,

CDI

(d)

..

1,394

47,923

Nestle

SA

(Registered)

..........

2,630

264,052

Roche

Holding

AG

.............

336

81,073

Security

Shares

Shares

Value

United

States

(continued)

Sanofi

SA

...................

265

$

26,180

Schneider

Electric

SE

...........

1,022

233,030

Shell

plc

....................

8,197

291,392

Signify

NV

(b)

(c)

................

1,186

32,344

Stellantis

NV

.................

2,076

45,935

1,391,692

Total

Common

Stocks

—

97.3%

(Cost:

$

13,178,890

)

..............................

15,221,997

Preferred

Securities

Preferred

Stocks

—

0.8%

Germany

—

0.8%

Bayerische

Motoren

Werke

AG

(Preference)

...............

80

8,220

Henkel

AG

&

Co.

KGaA

(Preference)

737

58,549

Porsche

Automobil

Holding

SE

(Preference)

...............

35

1,783

Volkswagen

AG

(Preference)

......

410

50,227

118,779

Total

Preferred

Stocks

—

0.8%  

(Cost:

$

118,493

)

................................

118,779

Total

Long-Term

Investments

—

98

.1

%

(Cost:

$

13,297,383

)

..............................

15,340,776

Short-Term

Securities

Money

Market

Funds

—

2.2%

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.18

%

(e)

(f)

....

345,282

345,282

Total

Short-Term

Securities

—

2

.2

%

(Cost:

$

345,282

)

................................

345,282

Total

Investments

—

100.3%

(Cost:

$

13,642,665

)

..............................

15,686,058

Liabilities

in

Excess

of

Other

Assets

—

(

0.3

)

%

............

(

49,487

)

Net

Assets

—

100.0%

..............................

$

15,636,571

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

43

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

(a)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(d)

Non-income

producing

security.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

$

330,572

$

14,710

(a)

$

—

$

—

$

—

$

345,282

345,282

$

16,037

$

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(b)

........

—

—

(a)

—

—

—

—

—

25

(c)

—

$

—

$

—

$

345,282

$

16,062

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

As

of

period

end,

the

entity

is

no

longer

held.

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

44

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

EAFE

E-Mini

Index

.....................................................

3

06/21/24

$

340

$

(

7,777

)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

7,777

$

—

$

—

$

—

$

7,777

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

2,349

$

—

$

—

$

—

$

2,349

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

(

10,695

)

$

—

$

—

$

—

$

(

10,695

)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

270,030

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

Australia

.............................................

$

—

$

834,292

$

—

$

834,292

Austria

..............................................

—

114,370

—

114,370

Belgium

.............................................

—

94,335

—

94,335

China

...............................................

—

47,612

—

47,612

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Sustainable

Advantage

International

Equity

Fund

Schedules

of

Investments

45

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Denmark

.............................................

$

—

$

727,117

$

—

$

727,117

Finland

..............................................

—

83,439

—

83,439

France

..............................................

—

1,381,153

—

1,381,153

Germany

............................................

—

1,319,784

—

1,319,784

Hong

Kong

...........................................

—

219,925

—

219,925

Ireland

..............................................

—

14,639

—

14,639

Israel

...............................................

—

80,340

—

80,340

Italy

................................................

—

310,079

—

310,079

Japan

...............................................

—

3,626,931

—

3,626,931

Luxembourg

..........................................

—

118,519

—

118,519

Netherlands

...........................................

—

856,094

—

856,094

New

Zealand

..........................................

9,504

40,760

—

50,264

Norway

..............................................

—

150,751

—

150,751

Singapore

............................................

—

102,846

—

102,846

Spain

...............................................

—

531,800

—

531,800

Sweden

.............................................

—

538,359

—

538,359

Switzerland

...........................................

—

902,138

—

902,138

United

Kingdom

........................................

71,546

1,653,972

—

1,725,518

United

States

..........................................

—

1,391,692

—

1,391,692

Preferred

Securities

.......................................

—

118,779

—

118,779

Short-Term

Securities

Money

Market

Funds

......................................

345,282

—

—

345,282

$

426,332

$

15,259,726

$

—

$

15,686,058

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(

7,777

)

$

—

$

—

$

(

7,777

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Par

(000)

Par

(000)

Value

Asset-Backed

Securities

Knollwood

CDO

Ltd.,

Series

2004-1A,

Class

C,

(3-mo.

LIBOR

USD

at

3.20%

Floor

+

3.20%),

8.76%,

01/10/39

(a)

(b)

................

USD

212

$

—

Total

Asset-Backed

Securities

—

0.0

%

(Cost:

$

207,964

)

.................................

—

Shares

Shares

Common

Stocks

Aerospace

&

Defense

—

1.1%

Airbus

SE

.........................

14,055

2,312,859

Axon

Enterprise,

Inc.

(c)

................

403

126,405

BAE

Systems

plc

....................

43,794

728,391

Curtiss-Wright

Corp.

..................

4,604

1,166,746

Dassault

Aviation

SA

.................

817

174,878

General

Dynamics

Corp.

...............

7,993

2,294,710

General

Electric

Co.

..................

12,875

2,083,432

Lockheed

Martin

Corp.

................

10,202

4,743,216

Mercury

Systems,

Inc.

(c)

...............

1,063

29,977

Northrop

Grumman

Corp.

..............

2,785

1,350,809

Rheinmetall

AG

.....................

2,290

1,261,893

Rolls-Royce

Holdings

plc

(c)

.............

66,769

342,393

Safran

SA

.........................

7,398

1,604,123

Spirit

AeroSystems

Holdings,

Inc.

,

Class

A

(c)

..

2,281

72,992

Textron,

Inc.

.......................

7,271

615,054

Thales

SA

.........................

1,589

267,059

19,174,937

Automobile

Components

—

0.2%

Aptiv

plc

(c)

.........................

1,775

126,025

Cie

Generale

des

Etablissements

Michelin

SCA

10,704

411,233

Denso

Corp.

.......................

119,800

2,041,766

Magna

International,

Inc.

...............

2,259

107,974

Phinia,

Inc.

........................

924

36,036

QuantumScape

Corp.

,

Class

A

(c)

..........

6,700

36,314

2,759,348

Automobiles

—

1.4%

Bayerische

Motoren

Werke

AG

..........

8,335

908,093

Ferrari

NV

........................

1,361

559,745

General

Motors

Co.

..................

32,670

1,454,795

Honda

Motor

Co.

Ltd.

.................

428,700

4,877,569

Lucid

Group,

Inc.

(c)

(d)

..................

14,757

37,630

Mazda

Motor

Corp.

..................

10,500

118,855

Mercedes-Benz

Group

AG

..............

21,540

1,629,304

Nissan

Motor

Co.

Ltd.

.................

115,300

421,964

Renault

SA

........................

3,825

189,465

Stellantis

NV

.......................

39,014

863,243

Subaru

Corp.

......................

11,100

247,852

Tesla,

Inc.

(c)

........................

46,282

8,482,565

Toyota

Motor

Corp.

..................

194,400

4,433,991

24,225,071

Banks

—

2.8%

ABN

AMRO

Bank

NV

,

CVA

(b)

(e)

...........

86,002

1,377,628

ANZ

Group

Holdings

Ltd.

..............

12,990

234,391

Banco

Bilbao

Vizcaya

Argentaria

SA

.......

115,610

1,250,203

Banco

de

Sabadell

SA

................

72,759

138,985

Banco

Santander

SA

.................

279,580

1,360,333

Bank

of

America

Corp.

................

177,752

6,578,601

Bank

of

Ireland

Group

plc

..............

11,494

122,634

Banque

Cantonale

Vaudoise

(Registered)

...

2,110

220,652

Barclays

plc

.......................

254,363

641,324

BAWAG

Group

AG

(b)

(e)

................

3,088

184,387

BNP

Paribas

SA

....................

21,210

1,526,311

Security

Shares

Shares

Value

Banks

(continued)

BOC

Hong

Kong

Holdings

Ltd.

...........

213,000

$

652,865

BOK

Financial

Corp.

..................

548

48,624

CaixaBank

SA

......................

40,389

212,994

Citigroup,

Inc.

......................

12,713

779,688

Citizens

Financial

Group,

Inc.

...........

4,112

140,260

Commerzbank

AG

...................

61,005

906,665

Credit

Agricole

SA

...................

18,929

292,893

DBS

Group

Holdings

Ltd.

..............

32,560

828,893

FinecoBank

Banca

Fineco

SpA

..........

23,610

361,700

First

Hawaiian,

Inc.

..................

2,519

53,126

Hang

Seng

Bank

Ltd.

.................

53,400

704,163

HSBC

Holdings

plc

..................

341,386

2,959,118

Huntington

Bancshares,

Inc.

............

25,416

342,353

ING

Groep

NV

......................

11,057

174,814

Intesa

Sanpaolo

SpA

.................

599,821

2,245,132

JPMorgan

Chase

&

Co.

...............

40,230

7,713,700

KeyCorp

..........................

16,165

234,231

Mitsubishi

UFJ

Financial

Group,

Inc.

.......

417,700

4,160,859

Mizuho

Financial

Group,

Inc.

............

104,950

2,028,590

National

Australia

Bank

Ltd.

.............

24,813

537,885

NatWest

Group

plc

...................

127,353

480,679

New

York

Community

Bancorp,

Inc.

.......

12,526

33,194

NU

Holdings

Ltd.

,

Class

A

(c)

.............

46,095

500,592

Regions

Financial

Corp.

...............

13,733

264,635

Resona

Holdings,

Inc.

................

50,100

316,820

Societe

Generale

SA

.................

8,844

238,302

Standard

Chartered

plc

................

43,427

373,105

Sumitomo

Mitsui

Financial

Group,

Inc.

......

57,100

3,243,498

Sumitomo

Mitsui

Trust

Holdings,

Inc.

.......

41,300

868,326

TFS

Financial

Corp.

..................

942

11,313

Toronto-Dominion

Bank

(The)

...........

9,711

576,107

Truist

Financial

Corp.

.................

22,194

833,385

UniCredit

SpA

......................

40,056

1,470,230

United

Overseas

Bank

Ltd.

.............

15,900

352,834

Wells

Fargo

&

Co.

...................

12,579

746,186

Westpac

Banking

Corp.

...............

18,111

300,757

49,623,965

Beverages

—

0.4%

Brown-Forman

Corp.

,

Class

A

...........

970

47,598

Coca-Cola

Co.

(The)

.................

32,615

2,014,628

Coca-Cola

HBC

AG

..................

12,063

389,378

Diageo

plc

........................

34,042

1,176,481

Monster

Beverage

Corp.

(c)

..............

39,826

2,128,700

Pernod

Ricard

SA

...................

3,592

543,261

6,300,046

Biotechnology

—

1.9%

AbbVie,

Inc.

.......................

52,532

8,543,804

Alkermes

plc

(c)

......................

5,474

134,332

Alnylam

Pharmaceuticals,

Inc.

(c)

..........

5,170

744,222

Amgen,

Inc.

.......................

16,966

4,647,666

Biogen,

Inc.

(c)

......................

4,691

1,007,721

BioMarin

Pharmaceutical,

Inc.

(c)

..........

7,461

602,550

CSL

Ltd.

..........................

10,066

1,788,488

Exact

Sciences

Corp.

(c)

................

8,990

533,556

Exelixis,

Inc.

(c)

......................

6,208

145,640

Genmab

A/S

(c)

......................

2,875

798,187

Gilead

Sciences,

Inc.

.................

53,367

3,479,528

Halozyme

Therapeutics,

Inc.

(c)

...........

5,859

223,228

Incyte

Corp.

(c)

......................

40,703

2,118,591

Moderna,

Inc.

(c)

.....................

5,847

644,983

Natera,

Inc.

(c)

.......................

1,849

171,735

Neurocrine

Biosciences,

Inc.

(c)

...........

3,573

491,430

Regeneron

Pharmaceuticals,

Inc.

(c)

........

3,147

2,802,907

Sarepta

Therapeutics,

Inc.

(c)

............

3,694

467,882

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Ultragenyx

Pharmaceutical,

Inc.

(c)

.........

1,557

$

66,235

United

Therapeutics

Corp.

(c)

.............

4,162

975,281

Vertex

Pharmaceuticals,

Inc.

(c)

...........

7,844

3,081,202

33,469,168

Broadline

Retail

—

2.6%

Amazon.com,

Inc.

(c)

..................

218,684

38,269,700

Coupang,

Inc.

,

Class

A

(c)

...............

21,604

486,090

eBay,

Inc.

.........................

49,535

2,553,034

Etsy,

Inc.

(c)

........................

7,830

537,686

Kohl's

Corp.

.......................

2,189

52,405

MercadoLibre,

Inc.

(c)

..................

698

1,018,173

Nordstrom,

Inc.

.....................

2,260

42,963

Prosus

NV

........................

32,698

1,094,073

Wesfarmers

Ltd.

....................

33,185

1,421,619

45,475,743

Building

Products

—

1.1%

A

O

Smith

Corp.

....................

6,482

536,969

Advanced

Drainage

Systems,

Inc.

........

6,065

952,205

Assa

Abloy

AB

,

Class

B

...............

95,827

2,531,885

AZEK

Co.,

Inc.

(The)

,

Class

A

(c)

..........

20,316

927,222

Builders

FirstSource,

Inc.

(c)

.............

10,560

1,930,579

Carlisle

Cos.,

Inc.

...................

2,937

1,140,290

Carrier

Global

Corp.

..................

7,543

463,819

Cie

de

Saint-Gobain

SA

...............

7,830

619,217

Daikin

Industries

Ltd.

.................

1,700

232,035

Fortune

Brands

Innovations,

Inc.

.........

20,378

1,489,632

Hayward

Holdings,

Inc.

(c)

...............

2,629

35,702

Kingspan

Group

plc

..................

1,676

149,076

Lennox

International,

Inc.

..............

2,410

1,116,842

Masco

Corp.

.......................

28,623

1,959,244

Nibe

Industrier

AB

,

Class

B

.............

30,006

138,455

Owens

Corning

.....................

6,615

1,112,709

Trane

Technologies

plc

................

9,958

3,160,072

Trex

Co.,

Inc.

(c)

.....................

13,085

1,158,677

19,654,630

Capital

Markets

—

1.4%

3i

Group

plc

.......................

27,177

970,965

abrdn

plc

.........................

31,728

57,859

Amundi

SA

(b)

(e)

......................

2,815

196,387

Ares

Management

Corp.

,

Class

A

.........

3,295

438,531

Blackstone,

Inc.

,

Class

A

...............

14,060

1,639,537

Brookfield

Corp.

,

Class

A

...............

3,435

137,784

Carlyle

Group,

Inc.

(The)

...............

4,158

186,278

Charles

Schwab

Corp.

(The)

............

28,576

2,113,195

CME

Group,

Inc.

,

Class

A

..............

2,258

473,367

Coinbase

Global,

Inc.

,

Class

A

(c)

..........

3,133

638,913

Daiwa

Securities

Group,

Inc.

............

55,700

409,343

Deutsche

Bank

AG

(Registered)

..........

35,620

568,941

Deutsche

Boerse

AG

.................

5,464

1,053,415

Euronext

NV

(b)

(e)

.....................

2,891

260,337

Franklin

Resources,

Inc.

...............

10,647

243,177

Hargreaves

Lansdown

plc

..............

17,654

178,400

Hong

Kong

Exchanges

&

Clearing

Ltd.

.....

20,300

645,021

Japan

Exchange

Group,

Inc.

............

14,900

348,966

KKR

&

Co.,

Inc.

.....................

15,842

1,474,415

London

Stock

Exchange

Group

plc

........

10,115

1,115,079

Macquarie

Group

Ltd.

.................

6,982

836,014

Moody's

Corp.

......................

5,133

1,900,904

MSCI,

Inc.

........................

5,550

2,585,134

Nasdaq,

Inc.

.......................

7,290

436,306

Nomura

Holdings,

Inc.

................

110,900

631,019

Partners

Group

Holding

AG

.............

854

1,098,727

S&P

Global,

Inc.

....................

6,585

2,738,241

Security

Shares

Shares

Value

Capital

Markets

(continued)

SBI

Holdings,

Inc.

...................

14,800

$

360,352

Schroders

plc

......................

67,265

294,895

SEI

Investments

Co.

..................

2,388

157,489

St.

James's

Place

plc

.................

19,183

103,805

UBS

Group

AG

(Registered)

............

21,964

576,847

Virtu

Financial,

Inc.

,

Class

A

.............

1,678

36,413

XP,

Inc.

,

Class

A

....................

6,397

130,947

25,037,003

Chemicals

—

0.3%

Air

Liquide

SA

......................

6,740

1,318,200

Arkema

SA

........................

2,623

270,659

Chemours

Co.

(The)

..................

2,944

78,752

Croda

International

plc

................

3,304

189,242

Ginkgo

Bioworks

Holdings,

Inc.

,

Class

A

(c)

(d)

..

29,587

26,365

Linde

plc

.........................

5,344

2,356,490

NewMarket

Corp.

....................

123

64,811

RPM

International,

Inc.

................

1,455

155,554

Scotts

Miracle-Gro

Co.

(The)

............

829

56,820

Shin-Etsu

Chemical

Co.

Ltd.

............

31,100

1,203,848

5,720,741

Commercial

Services

&

Supplies

—

1.1%

Brambles

Ltd.

......................

113,697

1,069,622

Cintas

Corp.

.......................

6,818

4,488,562

Clean

Harbors,

Inc.

(c)

.................

1,994

377,763

Copart,

Inc.

(c)

.......................

18,092

982,577

Driven

Brands

Holdings,

Inc.

(c)

...........

1,205

17,268

GFL

Environmental,

Inc.

...............

8,439

269,295

MSA

Safety,

Inc.

....................

730

131,692

RB

Global,

Inc.

.....................

3,581

256,328

Republic

Services,

Inc.

................

16,777

3,216,151

Rollins,

Inc.

........................

2,728

121,560

Stericycle,

Inc.

(c)

....................

1,824

81,588

Veralto

Corp.

.......................

11,818

1,107,110

Vestis

Corp.

.......................

2,320

42,734

Waste

Connections,

Inc.

...............

10,426

1,689,950

Waste

Management,

Inc.

...............

27,210

5,660,224

19,512,424

Communications

Equipment

—

0.4%

Arista

Networks,

Inc.

(c)

................

8,061

2,068,130

Ciena

Corp.

(c)

......................

6,173

285,378

F5,

Inc.

(c)

.........................

6,003

992,356

Juniper

Networks,

Inc.

................

6,274

218,461

Lumentum

Holdings,

Inc.

(c)

.............

1,324

57,938

Motorola

Solutions,

Inc.

...............

9,131

3,096,779

Ubiquiti,

Inc.

.......................

82

8,821

Viasat,

Inc.

(c)

.......................

2,315

36,832

6,764,695

Construction

&

Engineering

—

0.9%

AECOM

..........................

33,391

3,083,993

Bouygues

SA

......................

5,267

194,117

Comfort

Systems

USA,

Inc.

.............

572

176,982

Eiffage

SA

........................

3,884

414,417

EMCOR

Group,

Inc.

..................

4,775

1,705,487

Ferrovial

SE

(d)

......................

33,625

1,209,335

Fluor

Corp.

(c)

.......................

4,112

165,837

Kajima

Corp.

.......................

12,900

247,126

MasTec,

Inc.

(c)

......................

7,456

661,273

MDU

Resources

Group,

Inc.

............

4,002

98,849

Obayashi

Corp.

.....................

27,400

305,806

Quanta

Services,

Inc.

.................

17,867

4,619,691

Shimizu

Corp.

......................

61,800

382,817

Skanska

AB

,

Class

B

.................

23,787

408,621

Stantec,

Inc.

.......................

1,338

106,533

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

&

Engineering

(continued)

Taisei

Corp.

.......................

11,800

$

432,003

Vinci

SA

..........................

8,731

1,023,064

WillScot

Mobile

Mini

Holdings

Corp.

(c)

(d)

.....

15,618

577,241

WSP

Global,

Inc.

....................

1,149

174,347

15,987,539

Construction

Materials

—

0.7%

CRH

plc

..........................

27,216

2,107,630

Heidelberg

Materials

AG

...............

12,053

1,212,961

Holcim

AG

(c)

.......................

36,908

3,089,487

James

Hardie

Industries

plc

,

CDI

(c)

........

53,018

1,822,650

Summit

Materials,

Inc.

,

Class

A

(c)

.........

9,553

371,612

Vulcan

Materials

Co.

.................

11,442

2,947,802

11,552,142

Consumer

Finance

—

0.1%

American

Express

Co.

................

5,643

1,320,631

Capital

One

Financial

Corp.

.............

4,113

589,928

Synchrony

Financial

..................

9,548

419,921

2,330,480

Consumer

Staples

Distribution

&

Retail

—

0.7%

Albertsons

Cos.,

Inc.

,

Class

A

...........

8,251

168,320

Costco

Wholesale

Corp.

...............

8,240

5,956,696

Grocery

Outlet

Holding

Corp.

(c)

...........

1,880

48,824

Kroger

Co.

(The)

....................

7,033

389,488

Target

Corp.

.......................

6,836

1,100,459

Walmart,

Inc.

.......................

59,907

3,555,481

Woolworths

Group

Ltd.

................

42,743

876,963

12,096,231

Containers

&

Packaging

—

0.3%

Amcor

plc

.........................

221,575

1,980,880

Ardagh

Metal

Packaging

SA

............

2,841

11,222

Ball

Corp.

.........................

5,528

384,583

International

Paper

Co.

................

17,406

608,166

Packaging

Corp.

of

America

............

4,569

790,346

Sealed

Air

Corp.

....................

12,525

394,287

Silgan

Holdings,

Inc.

..................

1,598

74,563

WestRock

Co.

......................

15,838

759,590

5,003,637

Distributors

—

0.0%

Pool

Corp.

........................

740

268,272

Diversified

Consumer

Services

—

0.0%

ADT,

Inc.

.........................

5,066

32,929

Grand

Canyon

Education,

Inc.

(c)

..........

589

76,582

Mister

Car

Wash,

Inc.

(c)

................

1,428

9,553

119,064

Diversified

REITs

—

0.0%

Land

Securities

Group

plc

..............

16,160

130,606

Diversified

Telecommunication

Services

—

0.0%

Iridium

Communications,

Inc.

............

2,429

74,789

Electric

Utilities

—

0.4%

Acciona

SA

........................

1,051

121,502

CK

Infrastructure

Holdings

Ltd.

...........

101,000

570,563

CLP

Holdings

Ltd.

...................

43,000

338,241

Endesa

SA

........................

8,292

151,210

Enel

SpA

.........................

191,664

1,259,700

Hawaiian

Electric

Industries,

Inc.

.........

2,171

21,384

Iberdrola

SA

.......................

134,757

1,652,333

IDACORP,

Inc.

.....................

1,000

94,780

Origin

Energy

Ltd.

...................

32,403

204,509

Power

Assets

Holdings

Ltd.

.............

156,000

894,840

SSE

plc

..........................

29,172

606,381

Security

Shares

Shares

Value

Electric

Utilities

(continued)

Terna

-

Rete

Elettrica

Nazionale

..........

33,640

$

269,521

6,184,964

Electrical

Equipment

—

0.7%

ABB

Ltd.

(Registered)

.................

62,457

3,034,688

AMETEK,

Inc.

......................

14,495

2,531,697

Atkore,

Inc.

........................

723

126,742

ChargePoint

Holdings,

Inc.

,

Class

A

(c)

(d)

.....

6,701

8,912

Eaton

Corp.

plc

.....................

5,484

1,745,338

Fuji

Electric

Co.

Ltd.

..................

3,600

223,934

GE

Vernova,

Inc.

(c)

...................

5,103

784,382

Legrand

SA

.......................

8,372

860,362

Mitsubishi

Electric

Corp.

...............

13,200

230,075

Plug

Power,

Inc.

(c)

...................

10,414

24,056

Schneider

Electric

SE

.................

13,229

3,016,388

Sunrun,

Inc.

(c)

......................

4,226

43,486

12,630,060

Electronic

Equipment,

Instruments

&

Components

—

0.7%

Arrow

Electronics,

Inc.

(c)

...............

4,142

528,809

Avnet,

Inc.

........................

3,058

149,445

Azbil

Corp.

........................

6,900

192,717

Crane

NXT

Co.

.....................

953

57,952

Flex

Ltd.

(c)

.........................

43,047

1,233,297

Hexagon

AB

,

Class

B

.................

42,525

444,853

IPG

Photonics

Corp.

(c)

................

594

49,884

Keyence

Corp.

.....................

5,700

2,506,688

Keysight

Technologies,

Inc.

(c)

............

1,673

247,504

Littelfuse,

Inc.

......................

480

110,707

Murata

Manufacturing

Co.

Ltd.

...........

37,600

687,034

TD

SYNNEX

Corp.

...................

10,885

1,282,688

TE

Connectivity

Ltd.

..................

30,953

4,379,230

11,870,808

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.

,

Class

A

.............

63,504

2,071,501

Halliburton

Co.

.....................

17,371

650,891

Schlumberger

NV

...................

89,468

4,247,941

Tenaris

SA

........................

12,943

214,947

7,185,280

Entertainment

—

0.6%

AMC

Entertainment

Holdings,

Inc.

,

Class

A

(c)

(d)

4,877

14,290

Electronic

Arts,

Inc.

..................

4,463

565,998

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

A

(c)

...........................

471

29,329

Liberty

Media

Corp.-Liberty

Formula

One

,

Class

C

(c)

...........................

7,090

496,087

Liberty

Media

Corp.-Liberty

Live

,

Class

A

(c)

...

388

13,914

Liberty

Media

Corp.-Liberty

Live

,

Class

C

(c)

..

925

34,521

Madison

Square

Garden

Sports

Corp.

(c)

.....

368

68,419

Netflix,

Inc.

(c)

.......................

9,441

5,198,592

Nintendo

Co.

Ltd.

....................

20,300

990,011

Playtika

Holding

Corp.

................

439

3,183

ROBLOX

Corp.

,

Class

A

(c)

..............

6,949

247,106

Spotify

Technology

SA

(c)

...............

5,167

1,449,033

Toho

Co.

Ltd.

......................

9,400

314,922

Walt

Disney

Co.

(The)

................

6,948

771,923

Warner

Bros

Discovery,

Inc.

(c)

............

121,445

893,835

11,091,163

Financial

Services

—

2.9%

Adyen

NV

(b)

(c)

(e)

.....................

649

777,502

Berkshire

Hathaway,

Inc.

,

Class

B

(c)

.......

34,399

13,647,115

Block,

Inc.

,

Class

A

(c)

.................

15,096

1,102,008

Edenred

SE

.......................

5,256

249,407

EXOR

NV

.........................

4,263

465,415

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Financial

Services

(continued)

Fidelity

National

Information

Services,

Inc.

...

4,198

$

285,128

Fiserv,

Inc.

(c)

.......................

13,076

1,996,313

Global

Payments,

Inc.

................

5,541

680,269

Groupe

Bruxelles

Lambert

NV

...........

3,635

269,826

Industrivarden

AB

,

Class

C

.............

7,683

247,007

Investor

AB

,

Class

B

..................

130,893

3,205,931

Jack

Henry

&

Associates,

Inc.

...........

1,554

252,820

L

E

Lundbergforetagen

AB

,

Class

B

.......

6,808

335,552

M&G

plc

..........................

76,477

191,462

Mastercard,

Inc.

,

Class

A

...............

38,974

17,585,069

NCR

Atleos

Corp.

(c)

..................

1,278

25,471

Nexi

SpA

(b)

(c)

(e)

......................

31,497

183,254

ORIX

Corp.

........................

45,600

933,223

PayPal

Holdings,

Inc.

(c)

................

15,738

1,068,925

UWM

Holdings

Corp.

,

Class

A

...........

1,746

11,000

Visa,

Inc.

,

Class

A

...................

29,366

7,888,001

WEX,

Inc.

(c)

........................

491

103,729

51,504,427

Food

Products

—

0.8%

Archer-Daniels-Midland

Co.

.............

29,910

1,754,521

Bunge

Global

SA

....................

7,662

779,685

Chocoladefabriken

Lindt

&

Spruengli

AG

....

16

184,304

Chocoladefabriken

Lindt

&

Spruengli

AG

(Registered)

.....................

7

807,819

Kerry

Group

plc

,

Class

A

...............

1,829

157,401

Mondelez

International,

Inc.

,

Class

A

.......

21,046

1,514,049

Nestle

SA

(Registered)

................

59,329

5,956,643

Nissin

Foods

Holdings

Co.

Ltd.

..........

4,500

120,085

Pilgrim's

Pride

Corp.

(c)

.................

814

29,320

Post

Holdings,

Inc.

(c)

..................

19,682

2,089,244

Seaboard

Corp.

.....................

4

13,240

Tyson

Foods,

Inc.

,

Class

A

.............

5,669

343,825

WK

Kellogg

Co.

.....................

1,287

30,039

13,780,175

Gas

Utilities

—

0.0%

National

Fuel

Gas

Co.

................

1,760

93,456

Snam

SpA

........................

47,547

217,540

310,996

Ground

Transportation

—

0.1%

Central

Japan

Railway

Co.

.............

20,700

473,367

Hertz

Global

Holdings,

Inc.

(c)

............

2,601

11,835

Schneider

National,

Inc.

,

Class

B

.........

1,068

22,086

Uber

Technologies,

Inc.

(c)

..............

16,684

1,105,649

U-Haul

Holding

Co.

(c)

.................

153

9,674

1,622,611

Health

Care

Equipment

&

Supplies

—

0.6%

Abbott

Laboratories

..................

5,813

616,003

Alcon,

Inc.

........................

5,254

402,860

Becton

Dickinson

&

Co.

...............

3,184

746,966

Cochlear

Ltd.

......................

564

117,655

Dexcom,

Inc.

(c)

......................

5,067

645,485

Enovis

Corp.

(c)

......................

1,039

57,384

EssilorLuxottica

SA

..................

6,569

1,400,719

Hoya

Corp.

........................

1,300

150,722

ICU

Medical,

Inc.

(c)

...................

401

39,266

IDEXX

Laboratories,

Inc.

(c)

..............

1,449

714,009

Integra

LifeSciences

Holdings

Corp.

(c)

......

1,351

39,409

Intuitive

Surgical,

Inc.

(c)

................

1,343

497,743

Medtronic

plc

......................

37,808

3,033,714

Novocure

Ltd.

(c)

.....................

2,079

25,447

QuidelOrtho

Corp.

(c)

..................

1,058

42,902

Stryker

Corp.

......................

4,496

1,512,904

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Tandem

Diabetes

Care,

Inc.

(c)

...........

1,276

$

46,816

10,090,004

Health

Care

Providers

&

Services

—

0.8%

agilon

health,

Inc.

(c)

..................

5,755

31,652

Amedisys,

Inc.

(c)

....................

635

58,452

Cardinal

Health,

Inc.

..................

5,743

591,759

Cigna

Group

(The)

...................

4,688

1,673,804

CVS

Health

Corp.

...................

5,526

374,165

DaVita,

Inc.

(c)

.......................

3,045

423,285

HCA

Healthcare,

Inc.

.................

12,348

3,825,657

McKesson

Corp.

....................

4,489

2,411,536

Premier,

Inc.

,

Class

A

.................

2,349

49,047

UnitedHealth

Group,

Inc.

...............

10,684

5,167,851

14,607,208

Health

Care

REITs

—

0.0%

Medical

Properties

Trust,

Inc.

............

11,757

54,082

Health

Care

Technology

—

0.1%

(c)

Certara,

Inc.

.......................

2,365

40,465

Teladoc

Health,

Inc.

..................

3,266

41,642

Veeva

Systems,

Inc.

,

Class

A

............

4,649

923,105

1,005,212

Hotel

&

Resort

REITs

—

0.0%

Park

Hotels

&

Resorts,

Inc.

.............

4,117

66,407

Hotels,

Restaurants

&

Leisure

—

0.3%

Aristocrat

Leisure

Ltd.

.................

7,254

185,122

Booking

Holdings,

Inc.

................

543

1,874,452

Carnival

Corp.

(c)

.....................

19,926

295,303

DoorDash,

Inc.

,

Class

A

(c)

..............

1,351

174,630

Evolution

AB

(b)

(e)

.....................

1,205

133,135

Flight

Centre

Travel

Group

Ltd.

..........

7,963

108,233

Flutter

Entertainment

plc

(c)

..............

2,936

543,920

Galaxy

Entertainment

Group

Ltd.

.........

46,000

206,397

Marriott

Vacations

Worldwide

Corp.

........

693

66,604

Oriental

Land

Co.

Ltd.

................

8,900

245,566

Penn

Entertainment,

Inc.

(c)

..............

2,964

49,025

Royal

Caribbean

Cruises

Ltd.

(c)

..........

2,096

292,665

Travel

+

Leisure

Co.

..................

1,396

60,782

Wendy's

Co.

(The)

...................

3,333

66,627

4,302,461

Household

Durables

—

0.4%

Barratt

Developments

plc

..............

63,317

357,749

Berkeley

Group

Holdings

plc

............

7,650

449,251

DR

Horton,

Inc.

.....................

20,718

2,952,108

Leggett

&

Platt,

Inc.

..................

2,624

47,416

Lennar

Corp.

,

Class

A

.................

2,929

444,095

Lennar

Corp.

,

Class

B

................

257

36,080

Newell

Brands,

Inc.

..................

7,534

59,820

NVR,

Inc.

(c)

........................

14

104,144

Panasonic

Holdings

Corp.

..............

36,200

315,970

Persimmon

plc

.....................

7,491

121,302

PulteGroup,

Inc.

....................

9,449

1,052,807

Sekisui

House

Ltd.

...................

16,500

379,176

Sony

Group

Corp.

...................

11,700

967,021

Taylor

Wimpey

plc

...................

237,023

388,392

7,675,331

Household

Products

—

1.4%

Colgate-Palmolive

Co.

................

72,352

6,650,596

Essity

AB

,

Class

B

...................

8,162

203,640

Henkel

AG

&

Co.

KGaA

...............

4,610

331,498

Kimberly-Clark

Corp.

.................

48,212

6,582,385

Procter

&

Gamble

Co.

(The)

............

60,396

9,856,627

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Household

Products

(continued)

Reckitt

Benckiser

Group

plc

.............

12,773

$

714,100

Reynolds

Consumer

Products,

Inc.

........

1,076

30,806

Spectrum

Brands

Holdings,

Inc.

..........

598

48,958

24,418,610

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

AES

Corp.

(The)

....................

88,034

1,575,809

Brookfield

Renewable

Corp.

............

2,639

61,330

Clearway

Energy,

Inc.

,

Class

A

...........

687

14,915

Clearway

Energy,

Inc.

,

Class

C

..........

1,456

34,041

1,686,095

Industrial

Conglomerates

—

0.4%

CK

Hutchison

Holdings

Ltd.

.............

82,500

400,684

Hikari

Tsushin,

Inc.

...................

2,000

325,044

Hitachi

Ltd.

........................

18,700

1,725,275

Jardine

Cycle

&

Carriage

Ltd.

(d)

..........

15,600

301,053

Jardine

Matheson

Holdings

Ltd.

..........

5,200

199,524

Keppel

Ltd.

........................

140,900

704,770

Siemens

AG

(Registered)

..............

19,185

3,593,994

7,250,344

Industrial

REITs

—

0.0%

Nippon

Prologis

REIT,

Inc.

..............

14

24,198

Segro

plc

.........................

25,857

271,967

296,165

Insurance

—

2.3%

Ageas

SA

.........................

11,722

538,058

AIA

Group

Ltd.

.....................

267,800

1,961,463

Allianz

SE

(Registered)

................

493

139,906

Aon

plc

,

Class

A

....................

12,195

3,439,112

Arch

Capital

Group

Ltd.

(c)

..............

11,971

1,119,767

Assicurazioni

Generali

SpA

.............

9,787

238,631

Assured

Guaranty

Ltd.

................

1,087

83,373

AXA

SA

..........................

32,526

1,123,825

Axis

Capital

Holdings

Ltd.

..............

25,524

1,565,387

Brighthouse

Financial,

Inc.

(c)

(d)

...........

1,259

60,747

Cincinnati

Financial

Corp.

..............

9,835

1,137,811

CNA

Financial

Corp.

..................

516

22,673

Globe

Life,

Inc.

.....................

15,892

1,210,494

Hanover

Insurance

Group,

Inc.

(The)

......

703

91,264

Hartford

Financial

Services

Group,

Inc.

(The)

.

19,097

1,850,308

Kemper

Corp.

......................

1,192

69,506

Marsh

&

McLennan

Cos.,

Inc.

...........

25,875

5,160,251

MS&AD

Insurance

Group

Holdings,

Inc.

....

40,000

719,162

Muenchener

Rueckversicherungs-Gesellschaft

AG

(Registered)

..................

3,429

1,508,103

NN

Group

NV

......................

53,299

2,458,730

Power

Corp.

of

Canada

...............

13,160

350,640

Principal

Financial

Group,

Inc.

...........

22,756

1,800,910

Progressive

Corp.

(The)

...............

20,077

4,181,035

Prudential

plc

......................

43,090

374,769

QBE

Insurance

Group

Ltd.

.............

88,145

1,008,288

Reinsurance

Group

of

America,

Inc.

.......

16,355

3,058,221

RLI

Corp.

.........................

797

112,656

Sompo

Holdings,

Inc.

.................

17,400

344,348

Tokio

Marine

Holdings,

Inc.

.............

51,300

1,621,408

Travelers

Cos.,

Inc.

(The)

..............

4,857

1,030,461

Unum

Group

.......................

26,041

1,320,279

White

Mountains

Insurance

Group

Ltd.

.....

49

87,129

39,788,715

Interactive

Media

&

Services

—

3.6%

Adevinta

ASA

(c)

.....................

6,578

67,151

Alphabet,

Inc.

,

Class

A

(c)

...............

141,216

22,987,140

Alphabet,

Inc.

,

Class

C

(c)

...............

111,920

18,426,509

Security

Shares

Shares

Value

Interactive

Media

&

Services

(continued)

Auto

Trader

Group

plc

(b)

(e)

..............

15,459

$

134,022

LY

Corp.

..........................

73,100

175,633

Meta

Platforms,

Inc.

,

Class

A

............

48,453

20,843,027

Pinterest,

Inc.

,

Class

A

(c)

...............

17,230

576,343

TripAdvisor,

Inc.

(c)

....................

2,130

56,083

63,265,908

IT

Services

—

1.1%

Accenture

plc

,

Class

A

................

1,463

440,231

Akamai

Technologies,

Inc.

(c)

.............

10,098

1,019,191

Amdocs

Ltd.

.......................

1,603

134,636

Bechtle

AG

........................

4,418

213,211

Capgemini

SE

......................

2,296

482,576

Cloudflare,

Inc.

,

Class

A

(c)

..............

11,141

973,723

Fujitsu

Ltd.

........................

50,300

777,042

Gartner,

Inc.

(c)

......................

2,739

1,130,084

Globant

SA

(c)

.......................

822

146,801

GoDaddy,

Inc.

,

Class

A

(c)

...............

20,752

2,539,630

MongoDB,

Inc.

,

Class

A

(c)

..............

998

364,450

NEC

Corp.

........................

5,200

376,490

Nomura

Research

Institute

Ltd.

..........

18,100

437,982

Obic

Co.

Ltd.

.......................

5,200

668,026

Otsuka

Corp.

......................

37,400

743,816

SCSK

Corp.

.......................

17,500

318,136

Shopify,

Inc.

,

Class

A

(c)

................

20,095

1,410,803

Snowflake,

Inc.

,

Class

A

(c)

..............

10,058

1,561,002

TIS,

Inc.

..........................

9,300

198,616

VeriSign,

Inc.

(c)

.....................

24,980

4,233,610

Wix.com

Ltd.

(c)

......................

3,703

440,176

18,610,232

Leisure

Products

—

0.0%

Peloton

Interactive,

Inc.

,

Class

A

(c)

........

6,650

20,681

Life

Sciences

Tools

&

Services

—

1.1%

Agilent

Technologies,

Inc.

..............

28,845

3,952,919

Azenta,

Inc.

(c)

......................

1,088

57,076

Bio-Rad

Laboratories,

Inc.

,

Class

A

(c)

.......

373

100,617

Danaher

Corp.

.....................

12,902

3,181,891

Eurofins

Scientific

SE

.................

3,330

204,092

Fortrea

Holdings,

Inc.

(c)

................

1,745

63,850

Illumina,

Inc.

(c)

......................

1,949

239,824

IQVIA

Holdings,

Inc.

(c)

.................

2,470

572,472

Lonza

Group

AG

(Registered)

...........

2,230

1,230,946

Maravai

LifeSciences

Holdings,

Inc.

,

Class

A

(c)

2,176

17,843

Medpace

Holdings,

Inc.

(c)

..............

621

241,165

Mettler-Toledo

International,

Inc.

(c)

.........

2,355

2,895,944

QIAGEN

NV

(c)

......................

4,104

173,722

Sartorius

Stedim

Biotech

...............

989

212,998

Sotera

Health

Co.

(c)

..................

2,452

27,462

Thermo

Fisher

Scientific,

Inc.

............

9,561

5,437,532

West

Pharmaceutical

Services,

Inc.

.......

2,342

837,218

19,447,571

Machinery

—

1.0%

Alstom

SA

........................

9,354

147,494

Atlas

Copco

AB

,

Class

A

...............

91,300

1,599,219

Atlas

Copco

AB

,

Class

B

...............

9,882

148,173

Caterpillar,

Inc.

.....................

4,705

1,574,152

Daimler

Truck

Holding

AG

..............

2,564

115,627

Esab

Corp.

........................

1,118

118,374

FANUC

Corp.

......................

12,900

382,089

Flowserve

Corp.

....................

2,506

118,183

Gates

Industrial

Corp.

plc

(c)

.............

3,265

57,529

GEA

Group

AG

(c)

....................

4,440

179,198

Graco,

Inc.

........................

3,229

258,966

Ingersoll

Rand,

Inc.

..................

3,543

330,633

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Machinery

(continued)

ITT,

Inc.

..........................

3,680

$

475,971

Komatsu

Ltd.

......................

55,500

1,657,016

Kubota

Corp.

......................

40,700

652,817

Oshkosh

Corp.

.....................

1,014

113,842

Otis

Worldwide

Corp.

.................

36,581

3,336,187

Parker-Hannifin

Corp.

.................

3,806

2,073,927

Pentair

plc

........................

2,582

204,210

Schindler

Holding

AG

.................

2,095

522,192

Techtronic

Industries

Co.

Ltd.

............

30,500

421,489

Toyota

Industries

Corp.

................

4,100

389,610

Trelleborg

AB

,

Class

B

................

8,223

289,799

VAT

Group

AG

(b)

(e)

...................

231

115,006

Volvo

AB

,

Class

B

...................

35,462

902,621

Xylem,

Inc.

........................

13,928

1,820,390

18,004,714

Media

—

0.5%

Cable

One,

Inc.

.....................

111

43,717

Charter

Communications,

Inc.

,

Class

A

(c)

....

3,325

851,001

Comcast

Corp.

,

Class

A

...............

97,177

3,703,415

Fox

Corp.

,

Class

B

...................

14,523

416,520

Informa

plc

........................

53,512

529,763

Liberty

Broadband

Corp.

,

Class

A

(c)

........

327

16,393

Liberty

Media

Corp.-Liberty

SiriusXM

(c)

.....

19,669

473,236

Liberty

Media

Corp.-Liberty

SiriusXM

,

Class

A

(c)

1,471

35,392

News

Corp.

,

Class

B

.................

2,306

56,589

Paramount

Global

,

Class

A

.............

173

3,579

Paramount

Global

,

Class

B

.............

65,989

751,615

Publicis

Groupe

SA

..................

3,902

430,573

Sirius

XM

Holdings,

Inc.

(d)

..............

258,971

761,375

Vivendi

SE

........................

25,669

261,148

WPP

plc

..........................

13,380

134,110

8,468,426

Metals

&

Mining

—

1.2%

Anglo

American

plc

..................

25,948

847,915

Antofagasta

plc

.....................

12,120

332,473

ArcelorMittal

SA

.....................

73,806

1,843,884

Barrick

Gold

Corp.

...................

12,609

209,562

BHP

Group

Ltd.

.....................

45,807

1,256,308

Cleveland-Cliffs,

Inc.

(c)

................

49,400

834,860

Endeavour

Mining

plc

.................

21,627

457,911

Evolution

Mining

Ltd.

.................

134,616

347,145

Fortescue

Ltd.

......................

163,180

2,704,618

Franco-Nevada

Corp.

.................

8,194

986,387

Glencore

plc

.......................

246,847

1,436,295

JFE

Holdings,

Inc.

...................

59,700

891,066

MP

Materials

Corp.

,

Class

A

(c)

...........

2,060

32,960

Newmont

Corp.

.....................

41,323

1,679,367

Nippon

Steel

Corp.

...................

75,500

1,692,629

Northern

Star

Resources

Ltd.

............

106,755

1,011,902

Nucor

Corp.

.......................

7,451

1,255,717

Reliance,

Inc.

......................

3,556

1,012,464

Rio

Tinto

plc

.......................

14,660

991,907

Royal

Gold,

Inc.

.....................

1,197

143,796

Southern

Copper

Corp.

................

1,682

196,239

SSR

Mining,

Inc.

....................

4,029

21,595

Steel

Dynamics,

Inc.

..................

3,649

474,808

United

States

Steel

Corp.

..............

4,365

159,323

Wheaton

Precious

Metals

Corp.

..........

8,398

437,515

21,258,646

Multi-Utilities

—

0.2%

Centrica

plc

.......................

95,180

151,933

Engie

SA

(c)

........................

11,338

196,835

National

Grid

plc

....................

76,158

998,977

Security

Shares

Shares

Value

Multi-Utilities

(continued)

NiSource,

Inc.

......................

21,590

$

601,497

Veolia

Environnement

SA

..............

22,574

701,774

2,651,016

Office

REITs

—

0.0%

Dexus

(f)

..........................

20,230

91,889

Gecina

SA

........................

1,657

169,183

Highwoods

Properties,

Inc.

.............

2,061

53,998

NET

Lease

Office

Properties

............

269

6,149

321,219

Oil,

Gas

&

Consumable

Fuels

—

2.6%

BP

plc

...........................

300,200

1,934,980

Canadian

Natural

Resources

Ltd.

.........

5,979

453,078

Cheniere

Energy,

Inc.

.................

4,088

645,168

Chevron

Corp.

......................

32,277

5,205,312

ConocoPhillips

.....................

40,126

5,040,628

Devon

Energy

Corp.

..................

36,649

1,875,696

Eni

SpA

..........................

56,546

908,224

EOG

Resources,

Inc.

.................

26,389

3,486,779

Equinor

ASA

.......................

24,366

648,340

Exxon

Mobil

Corp.

...................

81,719

9,664,906

Hess

Corp.

........................

20,824

3,279,572

Marathon

Petroleum

Corp.

.............

5,592

1,016,178

Matador

Resources

Co.

...............

939

58,500

Pioneer

Natural

Resources

Co.

..........

4,592

1,236,717

Repsol

SA

........................

16,670

261,653

Shell

plc

..........................

121,155

4,306,893

Targa

Resources

Corp.

................

4,359

497,187

TotalEnergies

SE

....................

42,288

3,070,055

Valero

Energy

Corp.

..................

5,151

823,490

Woodside

Energy

Group

Ltd.

............

8,584

153,800

44,567,156

Paper

&

Forest

Products

—

0.1%

Louisiana-Pacific

Corp.

................

11,826

865,545

Passenger

Airlines

—

0.0%

(c)

American

Airlines

Group,

Inc.

............

14,635

197,719

United

Airlines

Holdings,

Inc.

............

4,713

242,531

440,250

Personal

Care

Products

—

0.4%

Estee

Lauder

Cos.,

Inc.

(The)

,

Class

A

.....

7,668

1,124,972

Haleon

plc

........................

83,811

353,963

L'Oreal

SA

........................

6,145

2,881,102

Olaplex

Holdings,

Inc.

(c)

................

2,459

3,418

Unilever

plc

........................

44,033

2,277,863

6,641,318

Pharmaceuticals

—

5.0%

Astellas

Pharma,

Inc.

.................

30,300

290,817

AstraZeneca

plc

....................

26,966

4,078,579

Bristol-Myers

Squibb

Co.

...............

75,201

3,304,332

Catalent,

Inc.

(c)

.....................

3,545

197,988

Daiichi

Sankyo

Co.

Ltd.

................

29,100

979,439

Eli

Lilly

&

Co.

......................

26,392

20,614,791

GSK

plc

..........................

67,995

1,410,687

Ipsen

SA

.........................

1,672

203,376

Johnson

&

Johnson

..................

77,717

11,237,101

Kyowa

Kirin

Co.

Ltd.

..................

6,500

109,160

Merck

&

Co.,

Inc.

....................

111,315

14,384,124

Novartis

AG

(Registered)

..............

23,493

2,280,173

Novo

Nordisk

A/S

,

Class

B

.............

97,969

12,563,771

Ono

Pharmaceutical

Co.

Ltd.

............

10,200

146,914

Otsuka

Holdings

Co.

Ltd.

..............

11,700

500,255

Pfizer,

Inc.

........................

188,461

4,828,371

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Roche

Holding

AG

...................

5,629

$

1,366,325

Royalty

Pharma

plc

,

Class

A

............

7,321

202,792

Sandoz

Group

AG

(c)

..................

7,430

252,523

Sanofi

SA

.........................

21,718

2,145,587

Takeda

Pharmaceutical

Co.

Ltd.

..........

20,300

533,526

Viatris,

Inc.

........................

59,856

692,534

Zoetis,

Inc.

,

Class

A

..................

34,313

5,464,002

87,787,167

Professional

Services

—

1.2%

Automatic

Data

Processing,

Inc.

..........

13,972

3,379,687

Booz

Allen

Hamilton

Holding

Corp.

........

5,241

773,938

Broadridge

Financial

Solutions,

Inc.

.......

5,689

1,100,310

Bureau

Veritas

SA

...................

10,722

312,714

CACI

International,

Inc.

,

Class

A

(c)

.........

2,798

1,125,440

Computershare

Ltd.

..................

6,527

114,669

Dayforce,

Inc.

(c)

.....................

5,468

335,571

Experian

plc

.......................

43,644

1,760,335

Genpact

Ltd.

.......................

3,506

107,774

Leidos

Holdings,

Inc.

.................

21,334

2,991,453

ManpowerGroup,

Inc.

.................

959

72,357

Paycom

Software,

Inc.

................

1,140

214,297

Paycor

HCM,

Inc.

(c)

..................

1,275

22,147

Recruit

Holdings

Co.

Ltd.

..............

60,000

2,584,042

RELX

plc

.........................

24,252

996,439

Robert

Half,

Inc.

....................

7,196

497,531

SS&C

Technologies

Holdings,

Inc.

........

8,737

540,733

TransUnion

........................

3,491

254,843

TriNet

Group,

Inc.

...................

883

88,627

Verisk

Analytics,

Inc.

..................

11,017

2,401,265

Wolters

Kluwer

NV

...................

7,183

1,075,341

20,749,513

Real

Estate

Management

&

Development

—

0.1%

CK

Asset

Holdings

Ltd.

................

128,500

548,126

Henderson

Land

Development

Co.

Ltd.

.....

76,000

229,127

Hongkong

Land

Holdings

Ltd.

(d)

..........

58,900

188,196

Howard

Hughes

Holdings,

Inc.

(c)

..........

667

43,462

Swire

Pacific

Ltd.

,

Class

A

..............

33,000

279,467

Swire

Properties

Ltd.

.................

90,400

186,962

Wharf

Real

Estate

Investment

Co.

Ltd.

.....

48,000

148,921

Zillow

Group,

Inc.

,

Class

A

(c)

............

1,067

44,814

1,669,075

Semiconductors

&

Semiconductor

Equipment

—

5.6%

Advanced

Micro

Devices,

Inc.

(c)

..........

33,429

5,294,485

Advantest

Corp.

.....................

21,000

657,314

Applied

Materials,

Inc.

................

22,311

4,432,080

ASM

International

NV

.................

407

256,019

ASML

Holding

NV

...................

7,775

6,772,122

Axcelis

Technologies,

Inc.

(c)

.............

1,105

114,390

BE

Semiconductor

Industries

NV

.........

2,330

309,131

Broadcom,

Inc.

.....................

7,208

9,372,346

Cirrus

Logic,

Inc.

(c)

...................

1,396

123,644

Disco

Corp.

........................

1,800

512,722

Intel

Corp.

........................

121,053

3,688,485

KLA

Corp.

.........................

3,919

2,701,327

Lam

Research

Corp.

.................

5,603

5,011,379

Lasertec

Corp.

.....................

3,100

668,687

Marvell

Technology,

Inc.

...............

20,207

1,331,843

Micron

Technology,

Inc.

................

27,240

3,077,030

Monolithic

Power

Systems,

Inc.

..........

301

201,468

NVIDIA

Corp.

......................

48,277

41,712,294

QUALCOMM,

Inc.

...................

25,720

4,265,662

Renesas

Electronics

Corp.

.............

40,000

649,430

SCREEN

Holdings

Co.

Ltd.

.............

6,100

629,381

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(continued)

Skyworks

Solutions,

Inc.

...............

3,942

$

420,178

STMicroelectronics

NV

................

40,167

1,590,006

Teradyne,

Inc.

......................

5,350

622,312

Tokyo

Electron

Ltd.

..................

18,000

3,948,226

Wolfspeed,

Inc.

(c)

....................

2,456

66,386

98,428,347

Software

—

7.1%

Adobe,

Inc.

(c)

.......................

12,634

5,847,394

Atlassian

Corp.

,

Class

A

(c)

..............

5,209

897,511

Autodesk,

Inc.

(c)

.....................

1,446

307,781

Box,

Inc.

,

Class

A

(c)

..................

4,859

126,431

Cadence

Design

Systems,

Inc.

(c)

.........

9,140

2,519,258

CCC

Intelligent

Solutions

Holdings,

Inc.

(c)

....

6,708

75,264

Check

Point

Software

Technologies

Ltd.

(c)

...

8,381

1,252,289

Constellation

Software,

Inc.

.............

238

612,747

Crowdstrike

Holdings,

Inc.

,

Class

A

(c)

.......

11,583

3,388,491

CyberArk

Software

Ltd.

(c)

...............

2,458

588,077

Dassault

Systemes

SE

................

19,548

767,297

Datadog,

Inc.

,

Class

A

(c)

...............

11,521

1,445,886

DocuSign,

Inc.

(c)

....................

2,637

149,254

Dynatrace,

Inc.

(c)

....................

15,065

682,595

Elastic

NV

(c)

.......................

2,724

278,447

Fair

Isaac

Corp.

(c)

....................

1,553

1,760,061

Fortinet,

Inc.

(c)

(d)

.....................

42,376

2,677,316

HubSpot,

Inc.

(c)

.....................

1,952

1,180,706

Informatica,

Inc.

,

Class

A

(c)

.............

859

26,603

Intuit,

Inc.

.........................

4,301

2,690,792

Manhattan

Associates,

Inc.

(c)

............

6,316

1,301,475

Microsoft

Corp.

.....................

160,455

62,469,945

nCino,

Inc.

(c)

.......................

1,397

40,737

NCR

Voyix

Corp.

(c)

...................

2,556

31,311

Nemetschek

SE

.....................

1,545

136,530

Nice

Ltd.

(c)

........................

603

134,837

Nutanix,

Inc.

,

Class

A

(c)

................

15,952

968,286

Oracle

Corp.

.......................

29,187

3,320,021

Oracle

Corp.

Japan

..................

3,100

232,638

Palantir

Technologies,

Inc.

,

Class

A

(c)

.......

49,817

1,094,480

Palo

Alto

Networks,

Inc.

(c)

..............

8,118

2,361,445

Pegasystems,

Inc.

...................

831

49,378

RingCentral,

Inc.

,

Class

A

(c)

.............

1,656

49,051

Roper

Technologies,

Inc.

...............

4,081

2,087,268

Sage

Group

plc

(The)

.................

14,841

215,208

Salesforce,

Inc.

.....................

22,866

6,149,582

SAP

SE

..........................

25,915

4,679,395

ServiceNow,

Inc.

(c)

...................

7,299

5,060,616

Smartsheet,

Inc.

,

Class

A

(c)

.............

3,691

139,631

Synopsys,

Inc.

(c)

....................

3,565

1,891,553

Temenos

AG

(Registered)

..............

3,880

241,365

Teradata

Corp.

(c)

....................

9,464

351,114

Tyler

Technologies,

Inc.

(c)

..............

640

295,392

Workday,

Inc.

,

Class

A

(c)

...............

7,361

1,801,458

Xero

Ltd.

(c)

........................

7,256

563,343

Zoom

Video

Communications,

Inc.

,

Class

A

(c)

.

5,520

337,272

Zscaler,

Inc.

(c)

......................

9,678

1,673,713

124,951,244

Specialized

REITs

—

0.0%

EPR

Properties

.....................

1,470

59,668

Rayonier,

Inc.

......................

2,908

86,251

145,919

Specialty

Retail

—

2.5%

Abercrombie

&

Fitch

Co.

,

Class

A

(c)

........

6,401

777,850

Academy

Sports

&

Outdoors,

Inc.

.........

3,891

226,845

AutoNation,

Inc.

(c)

....................

4,469

720,179

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Specialty

Retail

(continued)

AutoZone,

Inc.

(c)

....................

621

$

1,835,924

Avolta

AG

(c)

........................

7,380

279,088

Bath

&

Body

Works,

Inc.

...............

6,571

298,455

Burlington

Stores,

Inc.

(c)

...............

10,674

1,920,680

CarMax,

Inc.

(c)

......................

4,455

302,806

Carvana

Co.

,

Class

A

(c)

................

3,505

290,635

Fast

Retailing

Co.

Ltd.

................

1,900

496,791

Gap,

Inc.

(The)

.....................

59,995

1,231,097

Home

Depot,

Inc.

(The)

...............

29,586

9,888,233

Industria

de

Diseno

Textil

SA

............

6,540

297,772

Lowe's

Cos.,

Inc.

....................

15,433

3,518,570

Murphy

USA,

Inc.

...................

1,563

646,801

O'Reilly

Automotive,

Inc.

(c)

..............

4,746

4,808,932

Petco

Health

&

Wellness

Co.,

Inc.

(c)

.......

1,547

2,321

RH

(c)

............................

1,624

401,209

Ross

Stores,

Inc.

....................

27,963

3,622,607

TJX

Cos.,

Inc.

(The)

..................

105,816

9,956,227

Ulta

Beauty,

Inc.

(c)

...................

3,474

1,406,414

USS

Co.

Ltd.

.......................

24,000

183,343

Victoria's

Secret

&

Co.

(c)

...............

1,526

26,888

Wayfair,

Inc.

,

Class

A

(c)

................

6,748

338,412

Zalando

SE

(b)

(c)

(e)

....................

7,180

187,867

43,665,946

Technology

Hardware,

Storage

&

Peripherals

—

3.0%

Apple,

Inc.

........................

287,121

48,905,320

Canon,

Inc.

........................

23,300

630,621

Dell

Technologies,

Inc.

,

Class

C

..........

7,498

934,551

FUJIFILM

Holdings

Corp.

..............

25,100

533,939

HP,

Inc.

..........................

29,385

825,425

Logitech

International

SA

(Registered)

......

4,363

339,691

NetApp,

Inc.

.......................

5,094

520,658

52,690,205

Textiles,

Apparel

&

Luxury

Goods

—

0.2%

Capri

Holdings

Ltd.

(c)

.................

2,239

79,440

Carter's,

Inc.

.......................

712

48,708

Deckers

Outdoor

Corp.

(c)

...............

204

166,968

Hermes

International

SCA

..............

259

620,043

LVMH

Moet

Hennessy

Louis

Vuitton

SE

.....

3,104

2,549,738

Moncler

SpA

.......................

5,180

352,665

Pandora

A/S

.......................

818

124,500

Under

Armour,

Inc.

,

Class

A

(c)

............

3,734

25,130

Under

Armour,

Inc.

,

Class

C

(c)

...........

4,004

26,106

3,993,298

Tobacco

—

0.0%

British

American

Tobacco

plc

............

12,156

356,855

Trading

Companies

&

Distributors

—

1.4%

AerCap

Holdings

NV

(c)

................

3,346

282,704

Applied

Industrial

Technologies,

Inc.

.......

845

154,846

Ashtead

Group

plc

...................

17,651

1,281,673

Beacon

Roofing

Supply,

Inc.

(c)

...........

4,783

471,269

Brenntag

SE

.......................

6,110

487,599

Bunzl

plc

.........................

4,065

155,884

Fastenal

Co.

.......................

11,192

760,384

Ferguson

plc

.......................

17,300

3,631,270

Herc

Holdings,

Inc.

...................

859

122,863

ITOCHU

Corp.

.....................

47,800

2,156,486

Marubeni

Corp.

.....................

81,600

1,453,815

Mitsubishi

Corp.

.....................

76,200

1,742,662

Mitsui

&

Co.

Ltd.

....................

54,600

2,635,853

Sojitz

Corp.

........................

5,500

141,608

Sumitomo

Corp.

....................

84,600

2,224,740

Toyota

Tsusho

Corp.

..................

4,200

267,036

United

Rentals,

Inc.

..................

1,518

1,014,009

Security

Shares

Shares

Value

Trading

Companies

&

Distributors

(continued)

Watsco,

Inc.

.......................

2,060

$

922,303

WESCO

International,

Inc.

..............

3,291

502,700

WW

Grainger,

Inc.

...................

4,615

4,252,030

24,661,734

Transportation

Infrastructure

—

0.0%

Aena

SME

SA

(b)

(e)

....................

966

176,043

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

..........

3,466

423,961

Severn

Trent

plc

....................

10,850

334,444

United

Utilities

Group

plc

...............

26,318

343,060

1,101,465

Total

Common

Stocks

—

68

.4

%

(Cost:

$

900,123,743

)

..............................

1,197,641,142

Beneficial

Interest

(000)

Other

Interests

(g)

Capital

Markets

—

0.0%

Lehman

Brothers

Holdings,

Inc.

(c)

(h)

(i)

.......

USD

300

—

Total

Other

Interests

—

0.0

%

(Cost:

$

—

)

.....................................

—

Shares

Shares

Preferred

Securities

Preferred

Stocks

—

0.2%

Automobiles

—

0.2%

Porsche

Automobil

Holding

SE

(Preference)

..

5,144

262,094

Volkswagen

AG

(Preference)

............

27,676

3,390,451

3,652,545

Total

Preferred

Securities

—

0

.2

%

(Cost:

$

3,888,050

)

...............................

3,652,545

Rights

Biotechnology

—

0.0%

Mirati

Therapeutics,

Inc.,

CVR

(c)

(i)

.........

1,004

703

Health

Care

Equipment

&

Supplies

—

0.0%

ABIOMED,

Inc.,

CVR

(c)

(i)

...............

843

1,644

Total

Rights

—

0

.0

%

(Cost:

$

1,563

)

..................................

2,347

Warrants

Oil,

Gas

&

Consumable

Fuels

—

0

.0

%

Occidental

Petroleum

Corp.

(Issued/Exercisable

07/06/20

,

1

Share

for

1

Warrant,

Expires

08/03/27

,

Strike

Price

USD

22.00

)

(c)

.....

1,587

70,304

Total

Warrants

—

0

.0

%

(Cost:

$

7,856

)

..................................

70,304

Total

Long-Term

Investments

—

68.6%

(Cost:

$

904,229,176

)

..............................

1,201,366,338

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

54

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the year

ended

April

30,

2024

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

6.4%

(j)(k)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

5.49

%

(l)

...................

1,004,126

$

1,004,427

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

,

5.18

%

....................

110,930,805

110,930,805

Total

Money

Market

Funds

—

6

.4

%

(Cost:

$

111,935,256

)

..............................

111,935,232

Par

(000)

Pa

r

(

000)

U.S.

Treasury

Obligations

—

9.6%

U.S.

Treasury

Bills

(m)

5.32

%

,

05/07/24

..................

USD

25,144

25,122,269

Security

Par

(000)

Par

(000)

Value

U.S.

Treasury

Obligations

(continued)

5.32

%

,

05/14/24

..................

USD

40,000

$

39,923,878

5.32

%

,

05/28/24

..................

78,000

77,691,705

5.30

%

,

06/04/24

..................

25,000

24,875,392

Total

U.S.

Treasury

Obligations

—

9

.6

%

(Cost:

$

167,613,297

)

..............................

167,613,244

Total

Short-Term

Securities

—

16.0%

(Cost:

$

279,548,553

)

..............................

279,548,476

Total

Investments

—

84

.6

%

(Cost:

$

1,183,777,729

)

............................

1,480,914,814

Other

Assets

Less

Liabilities

—

15.4

%

...................

270,315,705

Net

Assets

—

100.0%

...............................

$

1,751,230,519

(a)

Variable

rate

security.

Interest

rate

resets

periodically.

The

rate

shown

is

the

effective

interest

rate

as

of

period

end.

Security

description

also

includes

the

reference

rate

and

spread

if

published

and

available.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

All

or

a

portion

of

this

security

is

on

loan.

(e)

This

security

may

be

resold

to

qualified

foreign

investors

and

foreign

institutional

buyers

under

Regulation

S

of

the

Securities

Act

of

1933.

(f)

A

security

contractually

bound

to

one

or

more

other

securities

to

form

a

single

saleable

unit

which

cannot

be

sold

separately.

(g)

Other

interests

represent

beneficial

interests

in

liquidation

trusts

and

other

reorganization

or

private

entities.

(h)

Issuer

filed

for

bankruptcy

and/or

is

in

default.

(i)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(j)

Affiliate

of

the

Fund.

(k)

Annualized

7-day

yield

as

of

period

end.

(l)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

(m)

Rates

are

discount

rates

or

a

range

of

discount

rates

as

of

period

end.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

04/30/24

Shares

Held

at

04/30/24

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

..............

$

—

$

1,004,721

(a)

$

—

$

(

270

)

$

(

24

)

$

1,004,427

1,004,126

$

173,265

(b)

$

—

BlackRock

Liquidity

Funds,

T-Fund,

Institutional

Class

.

102,641,987

8,288,818

(a)

—

—

—

110,930,805

110,930,805

3,704,257

—

SL

Liquidity

Series,

LLC,

Money

Market

Series

(c)

........

38,627

—

(

39,591

)

(a)

969

(

5

)

—

—

—

—

$

699

$

(

29

)

$

111,935,232

$

3,877,522

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

(c)

As

of

period

end,

the

entity

is

no

longer

held.

For

purposes

of

this

report,

industry

and

sector

sub-classifications

may

differ

from

those

utilized

by

the

Fund

for

compliance

purposes.

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

55

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

CAC

40

Index

............................................................

625

05/17/24

$

52,820

$

(

17,921

)

IFSC

NIFTY

50

Index

.......................................................

1,239

05/30/24

56,375

686,030

Euro-Bund

..............................................................

836

06/06/24

116,055

(

1,389,508

)

TOPIX

Index

.............................................................

1,183

06/13/24

204,846

2,548,067

Australia

10-Year

Bond

......................................................

531

06/17/24

38,708

(

172,674

)

U.S.

Treasury

Ultra

Bond

.....................................................

526

06/18/24

62,939

(

3,613,511

)

S&P/TSX

60

Index

.........................................................

43

06/20/24

8,156

(

66,953

)

EURO

STOXX

50

Index

.....................................................

871

06/21/24

45,283

(

595,881

)

FTSE/MIB

Index

...........................................................

963

06/21/24

171,359

314,630

Mini-DAX

Index

...........................................................

14

06/21/24

1,349

(

13,895

)

MSCI

EAFE

E-Mini

Index

.....................................................

210

06/21/24

23,809

(

863,020

)

S&P

500

E-Mini

Index

.......................................................

324

06/21/24

82,085

(

1,870,704

)

WIG20

Index

.............................................................

2,382

06/21/24

28,870

239,521

Long

Gilt

................................................................

4,530

06/26/24

542,159

(

13,445,587

)

(

18,261,406

)

Short

Contracts

IBEX

35

Index

............................................................

999

05/17/24

115,326

(

3,299,228

)

OMX

Stockholm

30

Index

....................................................

5,396

05/17/24

123,469

(

2,092,900

)

MSCI

Singapore

Index

......................................................

1,156

05/30/24

25,541

17,817

Japan

10-Year

Bond

........................................................

437

06/13/24

400,384

2,938,649

U.S.

Treasury

10-Year

Note

...................................................

6,581

06/18/24

707,252

7,194,308

U.S.

Treasury

Long

Bond

.....................................................

876

06/18/24

99,782

4,657,114

U.S.

Treasury

Ultra

Bond

.....................................................

1,186

06/18/24

141,912

9,406,204

Canada

10-Year

Bond

.......................................................

3,353

06/19/24

284,944

3,500,527

FTSE/JSE

Top

40

Index

.....................................................

953

06/20/24

35,800

(

1,336,501

)

SPI

200

Index

............................................................

683

06/20/24

83,908

1,668,397

DAX

Index

..............................................................

46

06/21/24

22,160

429,590

FTSE

100

Index

...........................................................

332

06/21/24

33,720

127,147

MSCI

EAFE

E-Mini

Index

.....................................................

2,679

06/21/24

303,732

9,909,305

S&P

500

E-Mini

Index

.......................................................

1,346

06/21/24

341,009

11,099,110

SET50

Index

.............................................................

13,048

06/27/24

58,558

43,043

44,262,582

$

26,001,176

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

BRL

32,954,000

USD

6,264,030

Citibank

NA

06/20/24

$

51,933

EUR

5,525,000

USD

5,898,588

BNP

Paribas

SA

06/20/24

9,958

EUR

4,069,000

USD

4,345,501

UBS

AG

06/20/24

5,970

USD

11,324,244

AUD

17,101,000

JPMorgan

Chase

Bank

NA

06/20/24

229,660

USD

7,114,212

BRL

36,868,000

UBS

AG

06/20/24

48,091

USD

3,707,746

CAD

5,099,000

Bank

of

New

York

Mellon

06/20/24

765

USD

8,013,450

CAD

10,773,000

HSBC

Bank

plc

06/20/24

181,461

USD

6,480,131

CHF

5,669,000

Bank

of

New

York

Mellon

06/20/24

278,277

USD

922,634

CHF

801,000

Westpac

Banking

Corp.

06/20/24

46,345

USD

5,352,166

EUR

4,865,000

Bank

of

New

York

Mellon

06/20/24

149,437

USD

2,152,052

EUR

1,956,000

Westpac

Banking

Corp.

06/20/24

60,266

USD

8,410,574

GBP

6,564,000

HSBC

Bank

plc

06/20/24

206,377

USD

87,487

INR

7,270,000

Morgan

Stanley

&

Co.

International

plc

06/20/24

562

USD

10,312,291

JPY

1,543,054,000

Bank

of

New

York

Mellon

06/20/24

453,552

USD

3,657,120

JPY

531,871,000

JPMorgan

Chase

Bank

NA

06/20/24

258,939

USD

6,154,218

KRW

8,196,028,000

JPMorgan

Chase

Bank

NA

06/20/24

226,211

USD

9,536,046

KRW

13,157,932,000

Toronto

Dominion

Bank

06/20/24

19,203

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

56

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation  

(Depreciation)

USD

1,439,905

PLN

5,634,000

UBS

AG

06/20/24

$

51,821

USD

1,557,883

SEK

15,844,000

HSBC

Bank

plc

06/20/24

116,921

USD

1,699,813

SGD

2,253,000

Morgan

Stanley

&

Co.

International

plc

06/20/24

45,451

USD

12,335,433

THB

436,736,000

Citibank

NA

06/20/24

504,136

USD

6,512,558

THB

237,640,000

HSBC

Bank

plc

06/20/24

74,826

USD

676,426

ZAR

12,657,000

Toronto

Dominion

Bank

06/20/24

6,650

3,026,812

AUD

227,317,686

USD

151,164,235

Bank

of

New

York

Mellon

06/20/24

(

3,687,772

)

AUD

10,839,000

USD

7,081,986

Commonwealth

Bank

of

Australia

06/20/24

(

49,989

)

BRL

8,999,000

USD

1,794,864

Bank

of

America

NA

06/20/24

(

70,116

)

BRL

39,368,000

USD

7,763,025

BNP

Paribas

SA

06/20/24

(

217,754

)

CAD

13,261,000

USD

9,798,936

Bank

of

New

York

Mellon

06/20/24

(

158,167

)

CAD

57,257,869

USD

42,591,781

Nomura

International

plc

06/20/24

(

965,215

)

CHF

10,063,000

USD

11,589,933

Morgan

Stanley

&

Co.

International

plc

06/20/24

(

581,068

)

EUR

3,574,000

USD

3,888,504

JPMorgan

Chase

Bank

NA

06/20/24

(

66,396

)

EUR

7,656,000

USD

8,360,823

JPMorgan

Chase

Bank

NA

06/20/24

(

173,343

)

EUR

84,390,759

USD

92,828,510

Morgan

Stanley

&

Co.

International

plc

06/20/24

(

2,579,333

)

GBP

2,675,000

USD

3,384,681

Bank

of

New

York

Mellon

06/20/24

(

41,258

)

JPY

543,489,000

USD

3,737,003

Bank

of

New

York

Mellon

06/20/24

(

264,593

)

JPY

416,323,000

USD

2,783,607

JPMorgan

Chase

Bank

NA

06/20/24

(

123,674

)

KRW

6,789,904,000

USD

5,197,326

BNP

Paribas

SA

06/20/24

(

286,338

)

KRW

8,112,237,000

USD

6,067,256

JPMorgan

Chase

Bank

NA

06/20/24

(

199,853

)

MXN

27,245,000

USD

1,609,141

Toronto

Dominion

Bank

06/20/24

(

31,328

)

NOK

9,622,000

USD

921,343

Citibank

NA

06/20/24

(

54,057

)

NZD

811,000

USD

500,031

Morgan

Stanley

&

Co.

International

plc

06/20/24

(

22,151

)

SEK

4,621,000

USD

454,363

JPMorgan

Chase

Bank

NA

06/20/24

(

34,098

)

SGD

921,000

USD

694,843

BNP

Paribas

SA

06/20/24

(

18,559

)

CLP

10,731,762,000

USD

11,316,246

Morgan

Stanley

&

Co.

International

plc

06/21/24

(

143,269

)

(

9,768,331

)

$

(

6,741,519

)

Centrally

Cleared

Credit

Defa

ul

t

Swaps

—

Sell

Protection

Reference

Obligation/Index

Financing

Rate

Received

by

the

Fund

Payment

Frequency

Termination

Date

Credit

Rating

(a)

Notional

Amount

(000)

(b)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Markit

CDX

North

American

High

Yield

Index

Series

42.V1

...........

5

.00

%

Quarterly

06/20/29

B+

USD

24,658

$

1,592,685

$

1,667,997

$

(

75,312

)

Markit

CDX

North

American

Investment

Grade

Index

Series

42.V1

.......

1

.00

Quarterly

06/20/29

BBB+

USD

172

3,815

3,741

74

$

1,596,500

$

1,671,738

$

(

75,238

)

(a)

Using

the

rating

of

the

issuer

or

the

underlying

securities

of

the

index,

as

applicable,

provided

by

S&P

Global

Ratings.

(b)

The

maximum

potential

amount

the

Fund

may

pay

should

a

negative

credit

event

take

place

as

defined

under

the

terms

of

the

agreement.

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

57

Centrally

Cleared

Interest

Rate

Swap

s

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

28-day

MXIBTIIE

Monthly

8.41%

Monthly

09/18/24

(a)

09/12/29

MXN

2,355,000

$

(

5,931,501

)

$

—

$

(

5,931,501

)

28-day

MXIBTIIE

Monthly

8.44%

Monthly

09/18/24

(a)

09/12/29

MXN

792,000

(

1,954,961

)

—

(

1,954,961

)

28-day

MXIBTIIE

Monthly

8.51%

Monthly

09/18/24

(a)

09/12/29

MXN

1,401,000

(

3,238,969

)

—

(

3,238,969

)

28-day

MXIBTIIE

Monthly

8.53%

Monthly

09/18/24

(a)

09/12/29

MXN

822,000

(

1,854,440

)

—

(

1,854,440

)

28-day

MXIBTIIE

Monthly

8.69%

Monthly

09/18/24

(a)

09/12/29

MXN

476,000

(

903,603

)

—

(

903,603

)

28-day

MXIBTIIE

Monthly

8.77%

Monthly

09/18/24

(a)

09/12/29

MXN

396,000

(

680,915

)

—

(

680,915

)

28-day

MXIBTIIE

Monthly

9.26%

Monthly

09/18/24

(a)

09/12/29

MXN

662,000

(

413,138

)

—

(

413,138

)

28-day

MXIBTIIE

Monthly

9.33%

Monthly

09/18/24

(a)

09/12/29

MXN

280,000

(

130,925

)

—

(

130,925

)

28-day

MXIBTIIE

Monthly

9.53%

Monthly

09/18/24

(a)

09/12/29

MXN

527,000

—

—

—

28-day

MXIBTIIE

Monthly

9.55%

Monthly

09/18/24

(a)

09/12/29

MXN

348,000

4,541

—

4,541

1-day

SARON

Annual

1.09%

Annual

09/18/24

(a)

09/18/29

CHF

2,000

(

1,859

)

4,732

(

6,591

)

3-mo.

TWCPBA

Quarterly

1.51%

Quarterly

09/18/24

(a)

09/18/29

TWD

692,000

(

400,562

)

—

(

400,562

)

3-mo.

TWCPBA

Quarterly

1.55%

Quarterly

09/18/24

(a)

09/18/29

TWD

594,000

(

316,588

)

—

(

316,588

)

3-mo.

TWCPBA

Quarterly

1.56%

Quarterly

09/18/24

(a)

09/18/29

TWD

2,000

(

1,016

)

—

(

1,016

)

3-mo.

TWCPBA

Quarterly

1.57%

Quarterly

09/18/24

(a)

09/18/29

TWD

383,000

(

190,529

)

—

(

190,529

)

3-mo.

TWCPBA

Quarterly

1.58%

Quarterly

09/18/24

(a)

09/18/29

TWD

860,000

(

417,638

)

—

(

417,638

)

3-mo.

TWCPBA

Quarterly

1.62%

Quarterly

09/18/24

(a)

09/18/29

TWD

610,000

(

258,322

)

—

(

258,322

)

3-mo.

TWCPBA

Quarterly

1.88%

Quarterly

09/18/24

(a)

09/18/29

TWD

690,000

(

28,787

)

—

(

28,787

)

3-mo.

TWCPBA

Quarterly

1.91%

Quarterly

09/18/24

(a)

09/18/29

TWD

702,000

4,991

—

4,991

3-mo.

TWCPBA

Quarterly

1.98%

Quarterly

09/18/24

(a)

09/18/29

TWD

447,000

47,427

—

47,427

3-mo.

STIBOR

Quarterly

2.52%

Annual

09/18/24

(a)

09/18/29

SEK

1,744,000

(

2,321,369

)

(

306,377

)

(

2,014,992

)

3-mo.

STIBOR

Quarterly

2.58%

Annual

09/18/24

(a)

09/18/29

SEK

198,000

(

219,442

)

(

20,231

)

(

199,211

)

3-mo.

STIBOR

Quarterly

2.64%

Annual

09/18/24

(a)

09/18/29

SEK

193,000

(

162,148

)

26,048

(

188,196

)

6-mo.

EURIBOR

Semi-Annual

2.66%

Annual

09/18/24

(a)

09/18/29

EUR

57,000

(

554,623

)

10,153

(

564,776

)

3-mo.

STIBOR

Quarterly

2.77%

Annual

09/18/24

(a)

09/18/29

SEK

1,026,000

(

320,214

)

272,764

(

592,978

)

6-mo.

EURIBOR

Semi-Annual

2.80%

Annual

09/18/24

(a)

09/18/29

EUR

82,000

(

265,818

)

124,171

(

389,989

)

6-mo.

EURIBOR

Semi-Annual

2.85%

Annual

09/18/24

(a)

09/18/29

EUR

32,000

(

24,709

)

(

48,396

)

23,687

3-mo.

STIBOR

Quarterly

2.88%

Annual

09/18/24

(a)

09/18/29

SEK

482,000

66,306

113,274

(

46,968

)

3-mo.

STIBOR

Quarterly

2.90%

Annual

09/18/24

(a)

09/18/29

SEK

173,000

37,359

(

22,493

)

59,852

6-mo.

PRIBOR

Semi-Annual

3.07%

Annual

09/18/24

(a)

09/18/29

CZK

1,991,000

(

3,922,206

)

—

(

3,922,206

)

1-day

SONIA

Annual

3.97%

Annual

09/18/24

(a)

09/18/29

GBP

6,000

(

47,176

)

(

40,213

)

(

6,963

)

1-day

SONIA

Annual

4.00%

Annual

09/18/24

(a)

09/18/29

GBP

53,000

(

356,470

)

137,500

(

493,970

)

1-day

SONIA

Annual

4.07%

Annual

09/18/24

(a)

09/18/29

GBP

31,000

(

84,315

)

(

41,633

)

(

42,682

)

6-mo.

WIBOR

Semi-Annual

4.65%

Annual

09/18/24

(a)

09/18/29

PLN

435,000

(

2,517,679

)

—

(

2,517,679

)

6-mo.

WIBOR

Semi-Annual

4.73%

Annual

09/18/24

(a)

09/18/29

PLN

118,000

(

591,800

)

—

(

591,800

)

6-mo.

WIBOR

Semi-Annual

4.91%

Annual

09/18/24

(a)

09/18/29

PLN

69,000

(

218,125

)

—

(

218,125

)

6-mo.

WIBOR

Semi-Annual

4.93%

Annual

09/18/24

(a)

09/18/29

PLN

70,000

(

203,261

)

—

(

203,261

)

6-mo.

WIBOR

Semi-Annual

4.95%

Annual

09/18/24

(a)

09/18/29

PLN

144,000

(

388,471

)

—

(

388,471

)

6-mo.

WIBOR

Semi-Annual

4.95%

Annual

09/18/24

(a)

09/18/29

PLN

75,000

(

205,419

)

—

(

205,419

)

6-mo.

WIBOR

Semi-Annual

5.14%

Annual

09/18/24

(a)

09/18/29

PLN

185,000

(

146,555

)

—

(

146,555

)

6-mo.

WIBOR

Semi-Annual

5.25%

Annual

09/18/24

(a)

09/18/29

PLN

88,000

29,993

—

29,993

6-mo.

WIBOR

Semi-Annual

5.34%

Annual

09/18/24

(a)

09/18/29

PLN

83,000

105,231

—

105,231

1-day

MIBOR

Semi-Annual

6.55%

Semi-Annual

09/18/24

(a)

09/18/29

INR

4,773,000

(

75,968

)

—

(

75,968

)

6.54%

Semi-Annual

1-day

MIBOR

Semi-Annual

09/18/24

(a)

09/18/29

INR

87

2

—

2

3.41%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

23,000

249,997

21,589

228,408

3.49%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

25,000

213,961

10,716

203,245

3.65%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

18,000

58,724

(

8,406

)

67,130

3.69%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

48,000

94,970

(

4,463

)

99,433

3.50%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

21,000

170,965

(

94,495

)

265,460

3.46%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

24,000

222,350

(

13,629

)

235,979

3.48%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

13,000

113,346

(

43,877

)

157,223

3.38%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

6,000

71,187

(

18,657

)

89,844

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

58

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

3.66%

Semi-Annual

1-day

REPO_CORRA

Semi-Annual

09/18/24

(a)

09/18/29

CAD

26,000

$

73,974

$

(

8,497

)

$

82,471

4.24%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/29

USD

33,000

190,881

(

6,800

)

197,681

4.31%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/29

USD

14,000

39,567

35,745

3,822

4.28%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/29

USD

17,000

70,970

(

626

)

71,596

4.27%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/29

USD

30,000

131,767

41,514

90,253

4.24%

Annual

1-day

SOFR

Annual

09/18/24

(a)

09/18/29

USD

146,000

869,909

(

300,162

)

1,170,071

3.17%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/29

SGD

24,000

18,252

—

18,252

2.92%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/29

SGD

16,000

142,166

—

142,166

3.19%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/29

SGD

32,000

(

2,193

)

—

(

2,193

)

2.94%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/29

SGD

30,000

251,637

—

251,637

3.27%

Semi-Annual

1-day

SORA

Semi-Annual

09/18/24

(a)

09/18/29

SGD

23,000

(

58,782

)

—

(

58,782

)

2.66%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

1,179,000

5,169

—

5,169

2.68%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

728,000

(

8,375

)

—

(

8,375

)

2.21%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

593,000

337,887

—

337,887

2.20%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

923,879

543,894

—

543,894

2.28%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

1,126,000

550,718

—

550,718

2.21%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

3,086,250

1,772,143

—

1,772,143

2.65%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

681,000

—

—

—

2.19%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

233,250

138,522

—

138,522

2.29%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

1,126,000

540,779

—

540,779

2.23%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

2,108,000

1,153,278

—

1,153,278

2.20%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

334,628

197,842

—

197,842

2.68%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

681,000

—

—

—

2.25%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

1,486,000

788,625

—

788,625

2.58%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

1,334,000

139,407

—

139,407

2.36%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

978,000

377,209

—

377,209

2.22%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

182,000

103,243

—

103,243

2.22%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

1,272,000

719,965

—

719,965

2.22%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

294,372

165,875

—

165,875

2.19%

Quarterly

1-day

THOR

Quarterly

09/18/24

(a)

09/18/29

THB

263,121

157,423

—

157,423

2.11%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

300,000

103,537

—

103,537

2.15%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

225,000

19,715

—

19,715

2.12%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

251,000

71,276

—

71,276

2.08%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

176,000

91,333

—

91,333

2.15%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

500,000

50,248

—

50,248

2.09%

Quarterly

1-week

CNREPOFIX_

CFXS

Quarterly

09/18/24

(a)

09/18/29

CNY

743,280

370,165

—

370,165

3.31%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/18/24

(a)

09/18/29

KRW

24,528,000

171,026

—

171,026

8.39%

Quarterly

3-mo.

JIBAR

Quarterly

09/18/24

(a)

09/18/29

ZAR

2,419,000

3,410,871

—

3,410,871

8.66%

Quarterly

3-mo.

JIBAR

Quarterly

09/18/24

(a)

09/18/29

ZAR

364,000

309,732

—

309,732

8.78%

Quarterly

3-mo.

JIBAR

Quarterly

09/18/24

(a)

09/18/29

ZAR

332,000

200,689

—

200,689

9.04%

Quarterly

3-mo.

JIBAR

Quarterly

09/18/24

(a)

09/18/29

ZAR

379,000

—

—

—

8.64%

Quarterly

3-mo.

JIBAR

Quarterly

09/18/24

(a)

09/18/29

ZAR

1,025,000

914,636

—

914,636

9.07%

Quarterly

3-mo.

JIBAR

Quarterly

09/18/24

(a)

09/18/29

ZAR

321,000

(

1,060

)

—

(

1,060

)

4.02%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

10,150

125,150

—

125,150

4.08%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

28,700

302,556

—

302,556

4.10%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

22,000

219,377

—

219,377

4.09%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

12,300

127,808

—

127,808

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

59

Centrally

Cleared

Interest

Rate

Swaps

(continued)

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Effective

Date

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

4.00%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

57,257

$

726,878

$

—

$

726,878

4.53%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

8,750

(

20,866

)

—

(

20,866

)

4.55%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

16,250

(

46,489

)

—

(

46,489

)

4.17%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

32,000

254,303

—

254,303

4.25%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

47,000

268,295

—

268,295

4.25%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

47,000

268,965

—

268,965

4.30%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

36,000

151,606

—

151,606

4.02%

Semi-Annual

6-mo.

BBR

Semi-Annual

09/18/24

(a)

09/18/29

AUD

18,850

233,657

—

233,657

3.31%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

44,056,000

305,934

—

305,934

3.42%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

125,094,000

385,719

—

385,719

3.29%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

107,623,000

806,105

—

806,105

3.48%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

106,267,000

115,675

—

115,675

3.45%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

32,899,000

67,375

—

67,375

3.50%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

21,367,000

13,362

—

13,362

3.22%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

29,276,000

282,428

—

282,428

3.33%

Quarterly

3-mo.

CD_KSDA

Quarterly

09/19/24

(a)

09/19/29

KRW

20,613,000

126,774

—

126,774

4.17%

Quarterly

3-mo.

HIBOR

Quarterly

09/19/24

(a)

09/19/29

HKD

160,000

—

—

—

$

(

8,019,639

)

$

(

180,749

)

$

(

7,838,890

)

(a)

Forward

swap.

OTC

Interest

Rate

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate

Frequency

Rate

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

1-day

BZDIOVER

At

Termination

10.27%

At

Termination

BNP

Paribas

SA

01/02/29

BRL

22,000

$

(

210,558

)

$

—

$

(

210,558

)

1-day

BZDIOVER

At

Termination

10.28%

At

Termination

HSBC

Bank

plc

01/02/29

BRL

354,003

(

3,393,936

)

—

(

3,393,936

)

1-day

BZDIOVER

At

Termination

10.29%

At

Termination

Bank

of

America

NA

01/02/29

BRL

222,663

(

2,105,775

)

—

(

2,105,775

)

1-day

BZDIOVER

At

Termination

10.29%

At

Termination

Barclays

Bank

plc

01/02/29

BRL

42,719

(

404,007

)

—

(

404,007

)

1-day

BZDIOVER

At

Termination

10.29%

At

Termination

Morgan

Stanley

&

Co.

International

plc

01/02/29

BRL

197,209

(

1,865,055

)

—

(

1,865,055

)

1-day

BZDIOVER

At

Termination

10.30%

At

Termination

JPMorgan

Chase

Bank

NA

01/02/29

BRL

43,124

(

404,089

)

—

(

404,089

)

1-day

BZDIOVER

At

Termination

10.32%

At

Termination

BNP

Paribas

SA

01/02/29

BRL

141,602

(

1,302,298

)

—

(

1,302,298

)

1-day

BZDIOVER

At

Termination

10.42%

At

Termination

Bank

of

America

NA

01/02/29

BRL

119,000

(

970,755

)

—

(

970,755

)

$

(

10,656,473

)

$

—

$

(

10,656,473

)

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

60

OTC

Total

Return

Swap

s

-

Future

Reference

Entity

Fixed

Amount

Paid

/

(Received)

by

the

Fund

(a)

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

Taiwan

Capitalization

Weighted

Stock

Index

Futures

May

2024

................

TWD

1,727,043,498

Merrill

Lynch

International

&

Co.

05/15/24

TWD

1,727,043

$

749,091

$

—

$

749,091

BOVESPA

Index

Futures

June

2024

................

BRL

47,057,300

Merrill

Lynch

International

&

Co.

06/12/24

BRL

47,057

(

64,778

)

—

(

64,778

)

BOVESPA

Index

Futures

June

2024

................

BRL

27,823,193

Merrill

Lynch

International

&

Co.

06/12/24

BRL

27,823

59,934

—

59,934

BOVESPA

Index

Futures

June

2024

................

BRL

265,475,566

Merrill

Lynch

International

&

Co.

06/12/24

BRL

265,476

579,802

—

579,802

KOSPI

200

Index

Futures

June

2024

................

KRW

(

9,247,048,125

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

9,247,048

(

288,340

)

—

(

288,340

)

KOSPI

200

Index

Futures

June

2024

................

KRW

(

7,140,645,050

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

7,140,645

48,645

—

48,645

KOSPI

200

Index

Futures

June

2024

................

KRW

(

11,502,569,475

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

11,502,569

147,227

—

147,227

KOSPI

200

Index

Futures

June

2024

................

KRW

(

16,014,097,775

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

16,014,098

354,052

—

354,052

KOSPI

200

Index

Futures

June

2024

................

KRW

(

9,826,588,750

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

9,826,589

(

201,350

)

—

(

201,350

)

KOSPI

200

Index

Futures

June

2024

................

KRW

(

8,905,339,625

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

8,905,340

(

3,851

)

—

(

3,851

)

KOSPI

200

Index

Futures

June

2024

................

KRW

(

144,255,892,100

)

Merrill

Lynch

International

&

Co.

06/13/24

KRW

144,255,892

(

1,771,594

)

—

(

1,771,594

)

Mexican

Bolsa

Index

Futures

June

2024

............

MXN

47,667,487

Merrill

Lynch

International

&

Co.

06/21/24

MXN

47,667

(

44,664

)

—

(

44,664

)

Swiss

Market

Index

Futures

June

2024

................

CHF

(

6,349,231

)

HSBC

Bank

plc

06/21/24

CHF

6,349

44,418

—

44,418

Swiss

Market

Index

Futures

June

2024

................

CHF

(

676,138

)

HSBC

Bank

plc

06/21/24

CHF

676

259

—

259

$

(

391,149

)

$

—

$

(

391,149

)

(a)

At

termination,

the

fixed

amount

paid

(received)

will

be

exchanged

for

the

total

return

of

the

reference

entity.

OTC

Total

Return

Swaps

Paid

by

the

Fund

Received

by

the

Fund

Rate/Reference

Frequency

Rate/Reference

Frequency

Counterparty

Termination

Date

Notional

Amount

(000)

Value

Upfront

Premium

Paid

(Received)

Unrealized

Appreciation

(Depreciation)

S&P

500

Total

Return

Index

..........

Quarterly

1-day

SOFR

plus

0.33%

Quarterly

UBS

AG

05/24/24

USD

493,570

$

7,008,319

$

—

$

7,008,319

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

minus

0.45%

Quarterly

Merrill

Lynch

International

&

Co.

09/05/24

USD

4,252

(

311,869

)

—

(

311,869

)

MSCI

Chile

Net

Return

Index

..........

Quarterly

1-day

SOFR

plus

0.22%

Quarterly

BNP

Paribas

SA

09/05/24

USD

8,347

(

603,772

)

—

(

603,772

)

1-day

SOFR

plus

0.38%

Quarterly

Russell

1000

Value

Index

Total

Return

Quarterly

Morgan

Stanley

&

Co.

International

plc

10/04/24

USD

10,142

(

265,540

)

—

(

265,540

)

1-day

SOFR

plus

0.40%

Quarterly

Russell

1000

Value

Index

Total

Return

Quarterly

Morgan

Stanley

&

Co.

International

plc

10/04/24

USD

17,817

(

466,698

)

—

(

466,698

)

1-day

SOFR

plus

0.45%

Quarterly

Russell

1000

Value

Index

Total

Return

Quarterly

Merrill

Lynch

International

&

Co.

10/04/24

USD

64,632

(

1,694,782

)

—

(

1,694,782

)

$

3,665,658

$

—

$

3,665,658

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

61

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

BZDIOVER

.....................................

Overnight

Brazil

CETIP

—

Interbank

Rate

0

.04

%

1-day

MIBOR

........................................

Mumbai

Interbank

Offered

Rate

6

.75

1-day

REPO_CORRA

...................................

Canadian

Overnight

Repo

Rate

5

.01

1-day

SARON

........................................

Swiss

Average

Rate

Overnight

1

.44

1-day

SOFR

.........................................

Secured

Overnight

Financing

Rate

5

.33

1-day

SONIA

.........................................

Sterling

Overnight

Index

Average

5

.20

1-day

SORA

.........................................

Singapore

Overnight

Rate

Average

3

.51

1-day

THOR

.........................................

Thailand

Overnight

Repo

Rate

ON

2

.49

1-week

CNREPOFIX_CFXS

..............................

China

Fixing

Repo

Rates

2

.10

28-day

MXIBTIIE

......................................

Mexico

Interbank

TIIE

28-Day

11

.24

3-mo.

CD_KSDA

......................................

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

3

.57

3-mo.

HIBOR

........................................

Hong

Kong

Interbank

Offered

Rate

4

.55

3-mo.

JIBAR

.........................................

Johannesburg

Interbank

Average

Rate

8

.35

3-mo.

STIBOR

.......................................

Stockholm

Interbank

Offered

Rate

3

.87

3-mo.

TWCPBA

.......................................

Taiwan

Secondary

Markets

Bills

Rate

1

.62

6-mo.

BBR

..........................................

Australian

Bank

Bill

Rate

4

.70

6-mo.

EURIBOR

......................................

Euro

Interbank

Offered

Rate

3

.80

6-mo.

PRIBOR

.......................................

Prague

Interbank

Offered

Rate

5

.16

6-mo.

WIBOR

........................................

Warsaw

Interbank

Offered

Rate

5

.77

Balances

Reported

in

the

Statements

of

Assets

and

Liabilities

for

Centrally

Cleared

Swaps

and

OTC

Swaps

Description

Swap

Premiums

Paid

Swap

Premiums

Received

Unrealized

Appreciation

Unrealized

Depreciation

Centrally

Cleared

Swaps

(a)

..........................................................

$

2,469,944

$

(

978,955

)

$

21,837,643

$

(

29,751,771

)

OTC

Swaps

...................................................................

—

—

8,991,747

(

16,373,711

)

(a)

Includes

cumulative

appreciation

(depreciation)

on

centrally

cleared

swaps,

as

reported

in

the

Schedule

of

Investments.

Only

current

day’s

variation

margin

is

reported

within

the

Statements

of

Assets

and

Liabilities

and

is

net

of

any

previously

paid

(received)

swap

premium

amounts.

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

......

$

—

$

—

$

27,082,657

$

—

$

27,696,802

$

—

$

54,779,459

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

3,026,812

—

—

3,026,812

Swaps

—

centrally

cleared

Unrealized

appreciation

on

centrally

cleared

swaps

(a)

.

—

74

—

—

21,837,569

—

21,837,643

Swaps

—

OTC

Unrealized

appreciation

on

OTC

swaps;

Swap

premiums

paid

................................

—

—

8,991,747

—

—

—

8,991,747

$

—

$

74

$

36,074,404

$

3,026,812

$

49,534,371

$

—

$

88,635,661

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

62

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

10,157,003

$

—

$

18,621,280

$

—

$

28,778,283

Forward

foreign

currency

exchange

contracts

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

......................

—

—

—

9,768,331

—

—

9,768,331

Swaps

—

centrally

cleared

Unrealized

depreciation

on

centrally

cleared

swaps

(a)

.

—

75,312

—

—

29,676,459

—

29,751,771

Swaps

—

OTC

Unrealized

depreciation

on

OTC

swaps;

Swap

premiums

received

.............................

—

—

5,717,238

—

10,656,473

—

16,373,711

$

—

$

75,312

$

15,874,241

$

9,768,331

$

58,954,212

$

—

$

84,672,096

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts

and

centrally

cleared

swaps,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

April

30,

2024,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from

Futures

c

ontracts

.......................

$

—

$

—

$

(

71,266,996

)

$

—

$

45,033,214

$

—

$

(

26,233,782

)

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

4,220,728

)

—

—

(

4,220,728

)

Swaps

..............................

—

3,364,611

(

56,272,154

)

—

(

42,612,459

)

—

(

95,520,002

)

$

—

$

3,364,611

$

(127,539,150)

$

(4,220,728)

$

2,420,755

$

—

$

(125,974,512)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

c

ontracts

.......................

$

—

$

—

$

65,987,383

$

—

$

14,270,699

$

—

$

80,258,082

Forward

foreign

currency

exchange

contracts

....

—

—

—

(

8,310,879

)

—

—

(

8,310,879

)

Swaps

..............................

—

(

75,238

)

16,351,396

—

(

18,741,001

)

—

(

2,464,843

)

$

—

$

(75,238)

$

82,338,779

$

(8,310,879)

$

(4,470,302)

$

—

$

69,482,360

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,324,466,777

Average

notional

value

of

contracts

—

short

.................................................................................

$

2,534,275,911

Forward

foreign

currency

exchange

contracts

Average

amounts

purchased

—

in

USD

....................................................................................

$

127,074,476

Average

amounts

sold

—

in

USD

........................................................................................

$

305,738,166

Credit

default

swaps

Average

notional

value

—

sell

protection

...................................................................................

$

31,180,352

Interest

rate

swaps

Average

notional

value

—

pays

fixed

rate

...................................................................................

$

1,824,863,614

Average

notional

value

—

receives

fixed

rate

................................................................................

$

1,727,034,213

Total

return

swaps

Average

notional

value

...............................................................................................

$

926,165,555

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

63

Derivative

Financial

Instruments

—

Offsetting

as

of

Period

End

The

Fund's

derivative

assets

and

liabilities

(by

type)

were

as

follows:

Assets

Liabilities

Derivative

Financial

Instruments

$

—

Futures

contracts

....................................................................................

$

19,629,959

$

2,468,770

Forward

f

oreign

currency

exchange

contracts

.................................................................

3,026,812

9,768,331

Swaps

—

centrally

cleared

..............................................................................

—

1,322,212

Swaps

—

OTC

(a)

.....................................................................................

8,991,747

16,373,711

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

............................................

$

31,648,518

$

29,933,024

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

("MNA")

........................................

(

19,629,959

)

(

3,790,982

)

Total

derivative

assets

and

liabilities

subject

to

an

MNA

............................................................

$

12,018,559

$

26,142,042

(a)

Includes

unrealized

appreciation

(depreciation)

on

OTC

swaps

and

swap

premiums

(paid/received)

in

the

Statements

of

Assets

and

Liabilities.

The

following

tables

present

the

Fund's

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Received

Cash

Collateral

Received

Net

Amount

of

Derivative

Assets

(b)(c)

Bank

of

New

York

Mellon

...........................

$

882,031

$

(

882,031

)

$

—

$

—

$

—

BNP

Paribas

SA

.................................

9,958

(

9,958

)

—

—

—

Citibank

NA

....................................

556,069

(

54,057

)

—

—

502,012

HSBC

Bank

plc

..................................

624,262

(

624,262

)

—

—

—

JPMorgan

Chase

Bank

NA

..........................

714,810

(

714,810

)

—

—

—

Merrill

Lynch

International

&

Co.

......................

1,938,751

(

1,938,751

)

—

—

—

Morgan

Stanley

&

Co.

International

plc

..................

46,013

(

46,013

)

—

—

—

Toronto

Dominion

Bank

............................

25,853

(

25,853

)

—

—

—

UBS

AG

......................................

7,114,201

—

—

—

7,114,201

Westpac

Banking

Corp.

............................

106,611

—

—

—

106,611

$

12,018,559

$

(

4,295,735

)

$

—

$

—

$

7,722,824

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-cash

Collateral

Pledged

Cash

Collateral

Pledged

(d)

Net

Amount

of

Derivative

Liabilities

(b)(e)

Bank

of

America

NA

..............................

$

3,146,646

$

—

$

—

$

(

2,960,000

)

$

186,646

Bank

of

New

York

Mellon

...........................

4,151,790

(

882,031

)

—

—

3,269,759

Barclays

Bank

plc

................................

404,007

—

—

(

404,007

)

—

BNP

Paribas

SA

.................................

2,639,279

(

9,958

)

—

(

2,320,000

)

309,321

Citibank

NA

....................................

54,057

(

54,057

)

—

—

—

Commonwealth

Bank

of

Australia

.....................

49,989

—

—

—

49,989

HSBC

Bank

plc

..................................

3,393,936

(

624,262

)

—

(

2,769,674

)

—

JPMorgan

Chase

Bank

NA

..........................

1,001,453

(

714,810

)

—

(

286,643

)

—

Merrill

Lynch

International

&

Co.

......................

4,381,228

(

1,938,751

)

—

—

2,442,477

Morgan

Stanley

&

Co.

International

plc

..................

5,923,114

(

46,013

)

—

(

1,870,000

)

4,007,101

Nomura

International

plc

...........................

965,215

—

—

—

965,215

Toronto

Dominion

Bank

............................

31,328

(

25,853

)

—

—

5,475

$

26,142,042

$

(

4,295,735

)

$

—

$

(

10,610,324

)

$

11,235,983

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

2024

BlackRock

Annual

Report

to

Shareholders

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

64

Fair

Value

Hierarchy

as

of Period

End

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

For

a

description

of

the

input

levels

and

information

about

the

Fund’s

policy

regarding

valuation

of

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

The

following

table

summarizes

the

Fund’s

financial

instruments

categorized

in

the

fair

value

hierarchy.

The

breakdown

of

the

Fund's

financial

instruments

into

major

categories

is

disclosed

in

the Schedule

of

Investments

above.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Asset-Backed

Securities

...................................

$

—

$

—

$

—

$

—

Common

Stocks

Aerospace

&

Defense

....................................

12,483,341

6,691,596

—

19,174,937

Automobile

Components

..................................

306,349

2,452,999

—

2,759,348

Automobiles

..........................................

9,974,990

14,250,081

—

24,225,071

Banks

...............................................

18,855,995

30,767,970

—

49,623,965

Beverages

...........................................

4,190,926

2,109,120

—

6,300,046

Biotechnology

.........................................

30,882,493

2,586,675

—

33,469,168

Broadline

Retail

........................................

42,960,051

2,515,692

—

45,475,743

Building

Products

.......................................

15,983,962

3,670,668

—

19,654,630

Capital

Markets

........................................

15,330,631

9,706,372

—

25,037,003

Chemicals

............................................

2,738,792

2,981,949

—

5,720,741

Commercial

Services

&

Supplies

.............................

18,442,802

1,069,622

—

19,512,424

Communications

Equipment

................................

6,764,695

—

—

6,764,695

Construction

&

Engineering

................................

11,370,233

4,617,306

—

15,987,539

Construction

Materials

....................................

3,319,414

8,232,728

—

11,552,142

Consumer

Finance

......................................

2,330,480

—

—

2,330,480

Consumer

Staples

Distribution

&

Retail

........................

11,219,268

876,963

—

12,096,231

Containers

&

Packaging

..................................

5,003,637

—

—

5,003,637

Distributors

...........................................

268,272

—

—

268,272

Diversified

Consumer

Services

..............................

119,064

—

—

119,064

Diversified

REITs

.......................................

—

130,606

—

130,606

Diversified

Telecommunication

Services

........................

74,789

—

—

74,789

Electric

Utilities

........................................

116,164

6,068,800

—

6,184,964

Electrical

Equipment

.....................................

5,264,613

7,365,447

—

12,630,060

Electronic

Equipment,

Instruments

&

Components

.................

8,039,516

3,831,292

—

11,870,808

Energy

Equipment

&

Services

..............................

6,970,333

214,947

—

7,185,280

Entertainment

.........................................

9,786,230

1,304,933

—

11,091,163

Financial

Services

......................................

44,645,848

6,858,579

—

51,504,427

Food

Products

.........................................

6,553,923

7,226,252

—

13,780,175

Gas

Utilities

...........................................

93,456

217,540

—

310,996

Ground

Transportation

...................................

1,149,244

473,367

—

1,622,611

Health

Care

Equipment

&

Supplies

...........................

8,018,048

2,071,956

—

10,090,004

Health

Care

Providers

&

Services

............................

14,607,208

—

—

14,607,208

Health

Care

REITs

......................................

54,082

—

—

54,082

Health

Care

Technology

..................................

1,005,212

—

—

1,005,212

Hotel

&

Resort

REITs

....................................

66,407

—

—

66,407

Hotels,

Restaurants

&

Leisure

..............................

2,880,088

1,422,373

—

4,302,461

Household

Durables

.....................................

4,696,470

2,978,861

—

7,675,331

Household

Products

.....................................

23,169,372

1,249,238

—

24,418,610

Independent

Power

and

Renewable

Electricity

Producers

............

1,686,095

—

—

1,686,095

Industrial

Conglomerates

..................................

199,524

7,050,820

—

7,250,344

Industrial

REITs

........................................

24,198

271,967

—

296,165

Insurance

............................................

27,752,024

12,036,691

—

39,788,715

Interactive

Media

&

Services

...............................

62,956,253

309,655

—

63,265,908

IT

Services

...........................................

14,394,337

4,215,895

—

18,610,232

Leisure

Products

.......................................

20,681

—

—

20,681

Life

Sciences

Tools

&

Services

..............................

17,799,535

1,648,036

—

19,447,571

Machinery

............................................

10,482,364

7,522,350

—

18,004,714

Media

...............................................

7,112,832

1,355,594

—

8,468,426

Metals

&

Mining

........................................

7,444,593

13,814,053

—

21,258,646

Multi-Utilities

..........................................

601,497

2,049,519

—

2,651,016

Office

REITs

..........................................

60,147

261,072

—

321,219

Oil,

Gas

&

Consumable

Fuels

...............................

33,283,211

11,283,945

—

44,567,156

Paper

&

Forest

Products

..................................

865,545

—

—

865,545

Schedule

of

Investments

(continued)

April

30,

2024

BlackRock

Tactical

Opportunities

Fund

Schedules

of

Investments

65

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Passenger

Airlines

......................................

$

440,250

$

—

$

—

$

440,250

Personal

Care

Products

..................................

1,128,390

5,512,928

—

6,641,318

Pharmaceuticals

.......................................

60,926,035

26,861,132

—

87,787,167

Professional

Services

....................................

13,905,973

6,843,540

—

20,749,513

Real

Estate

Management

&

Development

.......................

88,276

1,580,799

—

1,669,075

Semiconductors

&

Semiconductor

Equipment

....................

82,435,309

15,993,038

—

98,428,347

Software

.............................................

117,980,631

6,970,613

—

124,951,244

Specialized

REITs

......................................

145,919

—

—

145,919

Specialty

Retail

........................................

42,221,085

1,444,861

—

43,665,946

Technology

Hardware,

Storage

&

Peripherals

....................

51,185,954

1,504,251

—

52,690,205

Textiles,

Apparel

&

Luxury

Goods

............................

346,352

3,646,946

—

3,993,298

Tobacco

.............................................

—

356,855

—

356,855

Trading

Companies

&

Distributors

............................

12,114,378

12,547,356

—

24,661,734

Transportation

Infrastructure

...............................

—

176,043

—

176,043

Water

Utilities

.........................................

423,961

677,504

—

1,101,465

Other

Interests

..........................................

—

—

—

—

Preferred

Securities

.......................................

—

3,652,545

—

3,652,545

Rights

................................................

—

—

2,347

2,347

Warrants

..............................................

70,304

—

—

70,304

Short-Term

Securities

Money

Market

Funds

......................................

111,935,232

—

—

111,935,232

U.S.

Treasury

Obligations

...................................

—

167,613,244

—

167,613,244

$

1,029,767,283

$

451,145,184

$

2,347

$

1,480,914,814

Derivative

Financial

Instruments

(a)

Assets

Credit

contracts

...........................................

$

—

$

74

$

—

$

74

Equity

contracts

...........................................

21,008,415

15,065,989

—

36,074,404

Foreign

currency

exchange

contracts

............................

—

3,026,812

—

3,026,812

Interest

rate

contracts

.......................................

27,696,802

21,837,569

—

49,534,371

Liabilities

Credit

contracts

...........................................

—

(

75,312

)

—

(

75,312

)

Equity

contracts

...........................................

(

2,800,677

)

(

13,073,564

)

—

(

15,874,241

)

Foreign

currency

exchange

contracts

............................

—

(

9,768,331

)

—

(

9,768,331

)

Interest

rate

contracts

.......................................

(

18,621,280

)

(

40,332,932

)

—

(

58,954,212

)

$

27,283,260

$

(

23,319,695

)

$

—

$

3,963,565

(a)

Derivative

financial

instruments

are

swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts.

Swaps,

futures

contracts

and

forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of Period

End

(continued)

Statements

of

Assets

and

Liabilities

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

66

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................................

$

53,048,729‌

$

10,436,211‌

$

11,253,025‌

Investments,

at

value

—

affiliated

(c)

............................................................

1,946,371‌

350,911‌

232,198‌

Cash

...............................................................................

124‌

—‌

—‌

Cash

pledged:

Futures

contracts

......................................................................

19,000‌

11,000‌

16,000‌

Foreign

currency,

at

value

(d)

.................................................................

9,808‌

15,254‌

16,795‌

Receivables:

–‌

–‌

–‌

Investment

s

sold

......................................................................

323,517‌

—‌

—‌

Securities

lending

income

—

affiliated

........................................................

—‌

2‌

1‌

Capital

shares

sold

.....................................................................

—‌

—‌

12,556‌

Dividends

—

unaffiliated

.................................................................

79,066‌

30,748‌

19,117‌

Dividends

—

affiliated

...................................................................

13,010‌

1,154‌

1,031‌

From

the

Manager

.....................................................................

33,384‌

19,619‌

81,471‌

Unrealized

appreciation

on:

–‌

–‌

–‌

OTC

swaps

..........................................................................

99,416‌

—‌

—‌

Deferred

offering

costs

....................................................................

—‌

—‌

17,049‌

Prepaid

e

xpenses

.......................................................................

32,235‌

19,905‌

5,256‌

Total

a

ssets

...........................................................................

55,604,660‌

10,884,804‌

11,654,499‌

LIABILITIES

Collateral

on

securities

loaned

...............................................................

—‌

24,641‌

4,146‌

Payables:

–‌

–‌

–‌

Investments

purchased

..................................................................

664,888‌

—‌

—‌

Swaps  

............................................................................

7,446‌

—‌

—‌

Accounting

services

fees

.................................................................

17,797‌

20,798‌

13,907‌

Offering

costs

........................................................................

—‌

—‌

46,424‌

Administration

fees

.....................................................................

1,407‌

3‌

—‌

Capital

shares

redeemed

.................................................................

—‌

30‌

9,725‌

Custodian

fees

........................................................................

14,175‌

18,527‌

25,523‌

Deferred

foreign

capital

gain

tax

............................................................

49,850‌

28,675‌

—‌

Investment

advisory

fees

.................................................................

2,646‌

—‌

—‌

Trustees'

and

Officer's

fees

...............................................................

219‌

226‌

56‌

Printing

and

postage

fees

................................................................

98‌

32,219‌

10,659‌

Professional

fees

......................................................................

52,089‌

103,656‌

35,709‌

Registration

fees

......................................................................

—‌

671‌

—‌

Service

fees

.........................................................................

25‌

35‌

43‌

Transfer

agent

fees

....................................................................

1,035‌

523‌

818‌

Other

accrued

expenses

.................................................................

213‌

5,861‌

136‌

Variation

margin

on

futures

contracts

.........................................................

388‌

4,766‌

2,773‌

Total

li

abilities

..........................................................................

812,276‌

240,631‌

149,919‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

NET

ASSETS

..........................................................................

$

54,792,384‌

$

10,644,173‌

$

11,504,580‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................................

$

55,266,768‌

$

12,362,487‌

$

10,066,334‌

Accumulated

earnings

(loss)

................................................................

(

474,384‌

)

(

1,718,314‌

)

1,438,246‌

NET

ASSETS

..........................................................................

$

54,792,384‌

$

10,644,173‌

$

11,504,580‌

(a)

  Investments,

at

cost

—

unaffiliated

.....................................................

$

54,085,408‌

$

10,090,628‌

$

10,150,408‌

(b)

  Securities

loaned,

at

value

..........................................................

$

—‌

$

23,652‌

$

3,809‌

(c)

  Investments,

at

cost

—

affiliated

.......................................................

$

1,946,371‌

$

350,911‌

$

232,198‌

(d)

  Foreign

currency,

at

cost

...........................................................

$

9,815‌

$

15,293‌

$

17,101‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

67

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................

$

48,839,278‌

$

221,600‌

$

115,859‌

Shares

outstanding

..................................................................

4,247,835‌

26,141‌

10,162‌

Net

asset

value

.....................................................................

$

11.50‌

$

8.48‌

$

11.40‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Investor

A

Net

assets

.........................................................................

$

129,770‌

$

186,937‌

$

213,435‌

Shares

outstanding

..................................................................

11,299‌

22,051‌

18,744‌

Net

asset

value

.....................................................................

$

11.49‌

$

8.48‌

$

11.39‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Class

K

Net

assets

.........................................................................

$

5,823,336‌

$

10,235,636‌

$

11,175,286‌

Shares

outstanding

..................................................................

506,410‌

1,207,311‌

980,000‌

Net

asset

value

.....................................................................

$

11.50‌

$

8.48‌

$

11.40‌

Shares

authorized

...................................................................

Unlimited

Unlimited

Unlimited

Par

value

.........................................................................

$

0.001‌

$

0.001‌

$

0.001‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

68

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

........................................................................

$

15,340,776‌

$

1,368,979,582‌

Investments,

at

value

—

affiliated

(c)

...........................................................................

345,282‌

111,935,232‌

Cash

..............................................................................................

—‌

207,854‌

Cash

pledged:

Collateral

—

OTC

derivatives

.............................................................................

—‌

12,200,000‌

Futures

contracts

.....................................................................................

13,000‌

166,998,730‌

Centrally

cleared

swaps

.................................................................................

—‌

53,868,000‌

Foreign

currency,

at

value

(d)

................................................................................

15,168‌

28,592,567‌

Receivables:

–‌

–‌

Securities

lending

income

—

affiliated

.......................................................................

—‌

7,067‌

Swaps  

...........................................................................................

—‌

844,114‌

Capital

shares

sold

....................................................................................

—‌

2,591,283‌

Dividends

—

unaffiliated

................................................................................

89,562‌

2,231,503‌

Dividends

—

affiliated

..................................................................................

1,397‌

580,114‌

Interest

—

unaffiliated

..................................................................................

—‌

1,184‌

From

the

Manager

....................................................................................

22,654‌

—‌

Due

from

broker

......................................................................................

—‌

5,785,926‌

Variation

margin

on

futures

contracts

........................................................................

—‌

19,629,959‌

Unrealized

appreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

3,026,812‌

OTC

swaps

.........................................................................................

—‌

8,991,747‌

Prepaid

e

xpenses

......................................................................................

19,996‌

143,179‌

Total

a

ssets

..........................................................................................

15,847,835‌

1,786,614,853‌

LIABILITIES

Collateral

on

securities

loaned

..............................................................................

—‌

1,003,365‌

Payables:

–‌

–‌

Investments

purchased

.................................................................................

—‌

9,921‌

Swaps  

...........................................................................................

—‌

354,126‌

Accounting

services

fees

................................................................................

20,881‌

99,014‌

Administration

fees

....................................................................................

3‌

85,257‌

Capital

shares

redeemed

................................................................................

21,819‌

1,897,439‌

Custodian

fees

.......................................................................................

28,531‌

74,329‌

Investment

advisory

fees

................................................................................

—‌

747,128‌

Trustees'

and

Officer's

fees

..............................................................................

220‌

387‌

Other

affiliate

fees

....................................................................................

—‌

28,915‌

Printing

and

postage

fees

...............................................................................

52,353‌

50,309‌

Professional

fees

.....................................................................................

75,927‌

106,210‌

Registration

fees

.....................................................................................

726‌

202,017‌

Service

and

distribution

fees

..............................................................................

55‌

46,199‌

Transfer

agent

fees

...................................................................................

533‌

711,517‌

Other

accrued

expenses

................................................................................

5,115‌

35,177‌

Variation

margin

on

futures

contracts

........................................................................

5,101‌

2,468,770‌

Variation

margin

on

centrally

cleared

swaps

...................................................................

—‌

1,322,212‌

Unrealized

depreciation

on:

–‌

–‌

Forward

foreign

currency

exchange

contracts

..................................................................

—‌

9,768,331‌

OTC

swaps

.........................................................................................

—‌

16,373,711‌

Total

li

abilities

.........................................................................................

211,264‌

35,384,334‌

Commitments

and

contingent

liabilities

—‌

—‌

NET

ASSETS

.........................................................................................

$

15,636,571‌

$

1,751,230,519‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

69

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.........................................................................................

$

14,208,707‌

$

1,711,797,828‌

Accumulated

earnings

...................................................................................

1,427,864‌

39,432,691‌

NET

ASSETS

.........................................................................................

$

15,636,571‌

$

1,751,230,519‌

(a)

  Investments,

at

cost

—

unaffiliated

...................................................................

$

13,297,383‌

$

1,071,842,473‌

(b)

  Securities

loaned,

at

value

........................................................................

$

—‌

$

927,290‌

(c)

  Investments,

at

cost

—

affiliated

.....................................................................

$

345,282‌

$

111,935,256‌

(d)

  Foreign

currency,

at

cost

.........................................................................

$

15,187‌

$

28,681,699‌

Statements

of

Assets

and

Liabilities

(continued)

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

70

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

NET

ASSET

VALUE

Institutional

Net

assets

.........................................................................................

$

203,549‌

$

1,258,547,819‌

Shares

outstanding

..................................................................................

18,222‌

88,654,880‌

Net

asset

value

.....................................................................................

$

11.17‌

$

14.20‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Service

Net

assets

.........................................................................................

$

—‌

$

1,559,985‌

Shares

outstanding

..................................................................................

—‌

111,156‌

Net

asset

value

.....................................................................................

$

—‌

$

14.03‌

Shares

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

$

—‌

$

0.001‌

Investor

A

Net

assets

.........................................................................................

$

292,861‌

$

185,827,266‌

Shares

outstanding

..................................................................................

26,221‌

13,270,688‌

Net

asset

value

.....................................................................................

$

11.17‌

$

14.00‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Investor

C

Net

assets

.........................................................................................

$

—‌

$

8,767,891‌

Shares

outstanding

..................................................................................

—‌

651,206‌

Net

asset

value

.....................................................................................

$

—‌

$

13.46‌

Shares

authorized

...................................................................................

—

Unlimited

Par

value

.........................................................................................

$

—‌

$

0.001‌

Class

K

Net

assets

.........................................................................................

$

15,140,161‌

$

296,527,558‌

Shares

outstanding

..................................................................................

1,355,413‌

20,887,072‌

Net

asset

value

.....................................................................................

$

11.17‌

$

14.20‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

$

0.001‌

$

0.001‌

Statements

of

Operations

Year

Ended

April

30,

2024

71

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-

China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

BlackRock

Sustainable

Advantage

Global

Equity

Fund

(a)

INVESTMENT

INCOME

–

–

–

Dividends

—

unaffiliated

.................................................................

$

302,429‌

$

308,358‌

$

160,327‌

Dividends

—

affiliated

...................................................................

50,828‌

14,120‌

15,837‌

Interest

—

unaffiliated

...................................................................

423‌

230‌

—‌

Securities

lending

income

—

affiliated

—

net

...................................................

—‌

192‌

8‌

Foreign

taxes

withheld

..................................................................

(

35,367‌

)

(

31,527‌

)

(

10,825‌

)

Total

investment

income

...................................................................

318,313‌

291,373‌

165,347‌

EXPENSES

Offering

............................................................................

185,559‌

—‌

—‌

Professional

.........................................................................

100,944‌

130,766‌

105,403‌

Investment

advisory

....................................................................

83,520‌

81,973‌

59,909‌

Custodian

...........................................................................

36,031‌

58,837‌

72,059‌

Printing

and

postage

...................................................................

34,581‌

28,069‌

12,873‌

Accounting

services

....................................................................

25,916‌

48,688‌

13,908‌

Registration

.........................................................................

18,255‌

46,778‌

1,181‌

Trustees

and

Officer

....................................................................

6,047‌

5,887‌

5,167‌

Administration

.......................................................................

4,382‌

4,355‌

3,858‌

Administration

—

class

specific

............................................................

2,063‌

2,049‌

1,816‌

Transfer

agent

—

class

specific

............................................................

1,102‌

511‌

928‌

Service

and

distribution

—

class

specific

......................................................

306‌

493‌

328‌

Organization

and

offering

................................................................

—‌

—‌

198,203‌

Miscellaneous

........................................................................

11,593‌

12,483‌

12,780‌

Total

expenses

excluding

interest

expense

.......................................................

510,299‌

420,889‌

488,413‌

Interest

expense

......................................................................

4,508‌

—‌

—‌

Total

e

xpenses

.........................................................................

514,807‌

420,889‌

488,413‌

Less:

–‌

–‌

–‌

Administration

fees

waived

...............................................................

(

3,528‌

)

(

4,355‌

)

(

3,858‌

)

Administration

fees

waived

by

the

Manager

—

class

specific

.........................................

(

1,140‌

)

(

2,046‌

)

(

1,816‌

)

Fees

waived

and/or

reimbursed

by

the

Manager

.................................................

(

419,627‌

)

(

330,428‌

)

(

421,572‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

............................

(

958‌

)

(

354‌

)

(

818‌

)

Total

ex

penses

after

fees

waived

and/or

reimbursed

................................................

89,554‌

83,706‌

60,349‌

Net

investment

income

....................................................................

228,759‌

207,667‌

104,998‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(

616,945‌

)

$

485,503‌

$

1,394,356‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

(b)

............................................................

$

476,637‌

$

(

291,639‌

)

$

258,294‌

Investments

—

affiliated

...............................................................

—‌

1‌

(

715‌

)

Foreign

currency

transactions

...........................................................

14,050‌

(

4,891‌

)

8,124‌

Futures

contracts

....................................................................

24,383‌

17,974‌

30,169‌

Swaps  

..........................................................................

(

7,240‌

)

—‌

—‌

507,830‌

(278,555‌)

295,872‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

(c)

............................................................

(

1,226,407‌

)

775,554‌

1,102,617‌

Investments

—

affiliated

...............................................................

—‌

(

2‌

)

—‌

Foreign

currency

translations

............................................................

(

1,013‌

)

(

740‌

)

(

665‌

)

Futures

contracts

....................................................................

2,631‌

(

10,754‌

)

(

3,468‌

)

Swaps  

..........................................................................

100,014‌

—‌

—‌

(1,124,775‌)

764,058‌

1,098,484‌

Net

realized

and

unrealized

gain

(loss)

.........................................................

(616,945‌)

485,503‌

1,394,356‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........................

$

(388,186‌)

$

693,170‌

$

1,499,354‌

(a)

Period

from

06/21/23

(commencement

of

operations)

to

04/30/24.

(b)

  Net

of

foreign

capital

gain

tax

and

capital

gain

tax

refund,

if

applicable

of

.................................

$

—‌

$

(

13,454‌

)

$

—‌

(c)

  Net

of

increase

in

deferred

foreign

capital

gain

tax

of

..............................................

$

(

49,850‌

)

$

(

28,675‌

)

$

—‌

Statements

of

Operations

(continued)

Year

Ended

April

30,

2024

2024

BlackRock

Annual

Report

to

Shareholders

72

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

International

Equity

Fund

BlackRock

Tactical

Opportunities

Fund

INVESTMENT

INCOME

–

–

Dividends

—

unaffiliated

................................................................................

$

446,219‌

$

20,198,569‌

Dividends

—

affiliated

..................................................................................

16,037‌

3,704,257‌

Interest

—

unaffiliated

..................................................................................

223‌

20,171,061‌

Securities

lending

income

—

affiliated

—

net

..................................................................

25‌

173,265‌

Foreign

taxes

withheld

.................................................................................

(

47,154‌

)

(

745,159‌

)

Total

investment

income

..................................................................................

415,350‌

43,501,993‌

EXPENSES

Professional

........................................................................................

115,197‌

137,282‌

Custodian

..........................................................................................

90,750‌

28,116‌

Investment

advisory

...................................................................................

63,780‌

8,220,953‌

Accounting

services

...................................................................................

48,866‌

245,040‌

Registration

........................................................................................

46,884‌

169,220‌

Printing

and

postage

..................................................................................

27,448‌

58,657‌

Administration

......................................................................................

6,024‌

616,572‌

Trustees

and

Officer

...................................................................................

5,914‌

16,332‌

Administration

—

class

specific

...........................................................................

2,835‌

308,838‌

Transfer

agent

—

class

specific

...........................................................................

749‌

1,896,660‌

Service

and

distribution

—

class

specific

.....................................................................

670‌

562,964‌

Miscellaneous

.......................................................................................

14,985‌

177,564‌

Total

expenses

excluding

interest

expense

......................................................................

424,102‌

12,438,198‌

Interest

expense

.....................................................................................

102‌

288,615‌

Total

e

xpenses

........................................................................................

424,204‌

12,726,813‌

Less:

–‌

–‌

Administration

fees

waived

..............................................................................

(

6,024‌

)

—‌

Administration

fees

waived

by

the

Manager

—

class

specific

........................................................

(

2,833‌

)

—‌

Fees

waived

and/or

reimbursed

by

the

Manager

................................................................

(

349,985‌

)

(

53,174‌

)

Transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific

...........................................

(

519‌

)

—‌

Total

ex

penses

after

fees

waived

and/or

reimbursed

...............................................................

64,843‌

12,673,639‌

Net

investment

income

...................................................................................

350,507‌

30,828,354‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

1,106,164‌

$

116,954,765‌

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

............................................................................

$

385,964‌

$

88,576,601‌

Investments

—

affiliated

..............................................................................

—‌

699‌

Forward

foreign

currency

exchange

contracts

................................................................

—‌

(

4,220,728‌

)

Foreign

currency

transactions

..........................................................................

(

3,064‌

)

718,624‌

Futures

contracts

...................................................................................

2,349‌

(

26,233,782‌

)

Swaps  

.........................................................................................

—‌

(

95,520,002‌

)

385,249‌

(36,678,588‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

............................................................................

732,795‌

86,274,158‌

Investments

—

affiliated

..............................................................................

—‌

(

29‌

)

Forward

foreign

currency

exchange

contracts

................................................................

—‌

(

8,310,879‌

)

Foreign

currency

translations

...........................................................................

(

1,185‌

)

(

2,123,136‌

)

Futures

contracts

...................................................................................

(

10,695‌

)

80,258,082‌

Swaps  

.........................................................................................

—‌

(

2,464,843‌

)

720,915‌

153,633,353‌

Net

realized

and

unrealized

gain

............................................................................

1,106,164‌

116,954,765‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...................................................

$

1,456,671‌

$

147,783,119‌

Statements

of

Changes

in

Net

Assets

73

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Emerging

Markets

ex-China

Fund

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Year

Ended

04/30/24

Period

from

03/29/23

(a)

to

04/30/23

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

228,759‌

$

14,622‌

$

207,667‌

$

231,820‌

Net

realized

gain

(loss)

............................................

507,830‌

15,564‌

(

278,555‌

)

(

882,423‌

)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(

1,124,775‌

)

142,660‌

764,058‌

66,625‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

(388,186‌)

172,846‌

693,170‌

(583,978‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Institutional

...................................................

(

5,923‌

)

—‌

(

2,357‌

)

(

2,862‌

)

Investor

A

....................................................

(

6,409‌

)

—‌

(

4,199‌

)

(

4,449‌

)

Class

K

......................................................

(

286,289‌

)

—‌

(

236,342‌

)

(

249,172‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(298,621‌)

—‌

(242,898‌)

(256,483‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

.................

50,306,345‌

5,000,000‌

36,048‌

1,057,969‌

NET

ASSETS

Total

increase

in

net

assets

...........................................

49,619,538‌

5,172,846‌

486,320‌

217,508‌

Beginning

of

year

..................................................

5,172,846‌

—‌

10,157,853‌

9,940,345‌

End

of

year

......................................................

$

54,792,384‌

$

5,172,846‌

$

10,644,173‌

$

10,157,853‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

74

See

notes

to

financial

statements.

BlackRock

Sustainable

Advantage

Global

Equity

Fund

BlackRock

Sustainable

Advantage

International

Equity

Fund

Period

from

06/21/23

(a)

to

04/30/24

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.............................................................

$

104,998‌

$

350,507‌

$

293,215‌

Net

realized

gain

(loss)

.............................................................

295,872‌

385,249‌

(

707,937‌

)

Net

change

in

unrealized

appreciation

(depreciation)

.........................................

1,098,484‌

720,915‌

1,713,325‌

Net

increase

in

net

assets

resulting

from

operations

............................................

1,499,354‌

1,456,671‌

1,298,603‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(b)

Institutional

....................................................................

(

846‌

)

(

5,194‌

)

(

5,559‌

)

Investor

A

.....................................................................

(

1,121‌

)

(

6,540‌

)

(

5,756‌

)

Class

K

.......................................................................

(

85,470‌

)

(

369,026‌

)

(

355,976‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

..................................

(87,437‌)

(380,760‌)

(367,291‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

..................................

10,092,663‌

1,638,703‌

841,752‌

NET

ASSETS

Total

increase

in

net

assets

............................................................

11,504,580‌

2,714,614‌

1,773,064‌

Beginning

of

year

...................................................................

—‌

12,921,957‌

11,148,893‌

End

of

year

.......................................................................

$

11,504,580‌

$

15,636,571‌

$

12,921,957‌

(a)

Commencement

of

operations.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Statements

of

Changes

in

Net

Assets

(continued)

75

Financial

Statements

See

notes

to

financial

statements.

BlackRock

Tactical

Opportunities

Fund

Year

Ended

04/30/24

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

30,828,354‌

$

15,725,423‌

Net

realized

gain

(loss)

..............................................................................

(

36,678,588‌

)

143,742,453‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

153,633,353‌

(

72,143,886‌

)

Net

increase

in

net

assets

resulting

from

operations

.............................................................

147,783,119‌

87,323,990‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Institutional

.....................................................................................

(

107,642,980‌

)

(

26,945,935‌

)

Service

........................................................................................

(

129,951‌

)

(

37,621‌

)

Investor

A

......................................................................................

(

20,015,105‌

)

(

6,306,615‌

)

Investor

C

......................................................................................

(

911,671‌

)

(

275,919‌

)

Class

K

........................................................................................

(

34,040,380‌

)

(

11,681,883‌

)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(162,740,087‌)

(45,247,973‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

270,844,209‌

(192,726,824‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

255,887,241‌

(

150,650,807‌

)

Beginning

of

year

....................................................................................

1,495,343,278‌

1,645,994,085‌

End

of

year

........................................................................................

$

1,751,230,519‌

$

1,495,343,278‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

76

BlackRock

Emerging

Markets

ex-China

Fund

Institutional

Year

Ended

04/30/24

Period

from

03/29/23

(a)

to

04/30/23

Net

asset

value,

beginning

of

period

.......................................................................

$

10.35

‌

$

10.00

‌

Net

investment

income

(b)

...............................................................................

0

.24

‌

0

.03

‌

Net

realized

and

unrealized

gain

..........................................................................

1

.50

(c)

0

.32

‌

Net

increase

from

investment

operations

......................................................................

1.74

‌

0.35

‌

Distributions

(d)

–

–

From

net

investment

income

............................................................................

(

0

.23

)

—

‌

From

net

realized

gain

.................................................................................

(

0

.36

)

—

‌

Total

distributions

......................................................................................

(0.59

)

—

‌

Net

asset

value,

end

of

period

............................................................................

$

11.50

‌

$

10.35

‌

Total

Return

(e)

Based

on

net

asset

value

................................................................................

17.18

%

3.50

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.......................................................................................

2.61

%

5.43

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................

0.92

%

0.86

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

........................................

0.83

%

0.86

%

(h)

Net

investment

income

.................................................................................

2.08

%

3.22

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................................................

$

48,839

‌

$

103

‌

Portfolio

turnover

rate

...................................................................................

37

%

3

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.49%

and

0.86%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

77

Financial

Highlights

BlackRock

Emerging

Markets

ex-China

Fund

Investor

A

Year

Ended

04/30/24

Period

from

03/29/23

(a)

to

04/30/23

Net

asset

value,

beginning

of

period

.......................................................................

$

10.34

‌

$

10.00

‌

Net

investment

income

(b)

...............................................................................

0

.23

‌

0

.03

‌

Net

realized

and

unrealized

gain

..........................................................................

1

.49

(c)

0

.31

‌

Net

increase

from

investment

operations

......................................................................

1.72

‌

0.34

‌

Distributions

(d)

–

–

From

net

investment

income

............................................................................

(

0

.21

)

—

‌

From

net

realized

gain

.................................................................................

(

0

.36

)

—

‌

Total

distributions

......................................................................................

(0.57

)

—

‌

Net

asset

value,

end

of

period

............................................................................

$

11.49

‌

$

10.34

‌

Total

Return

(e)

Based

on

net

asset

value

................................................................................

16.99

%

3.40

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.......................................................................................

7.51

%

5.68

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................

1.12

%

1.11

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

........................................

1.11

%

1.11

%

(h)

Net

investment

income

.................................................................................

2.03

%

2.97

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................................................

$

130

‌

$

103

‌

Portfolio

turnover

rate

...................................................................................

37

%

3

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.74%

and

1.11%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

78

BlackRock

Emerging

Markets

ex-China

Fund

Class

K

Year

Ended

04/30/24

Period

from

03/29/23

(a)

to

04/30/23

Net

asset

value,

beginning

of

period

.......................................................................

$

10.35

‌

$

10.00

‌

Net

investment

income

(b)

...............................................................................

0

.26

‌

0

.03

‌

Net

realized

and

unrealized

gain

..........................................................................

1

.49

(c)

0

.32

‌

Net

increase

from

investment

operations

......................................................................

1.75

‌

0.35

‌

Distributions

(d)

–

–

From

net

investment

income

............................................................................

(

0

.24

)

—

‌

From

net

realized

gain

.................................................................................

(

0

.36

)

—

‌

Total

distributions

......................................................................................

(0.60

)

—

‌

Net

asset

value,

end

of

period

............................................................................

$

11.50

‌

$

10.35

‌

Total

Return

(e)

Based

on

net

asset

value

................................................................................

17.22

%

3.50

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.......................................................................................

6.99

%

5.08

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

..............................................................

0.82

%

0.81

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

........................................

0.81

%

0.81

%

(h)

Net

investment

income

.................................................................................

2.34

%

3.27

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

............................................................................

$

5,823

‌

$

4,966

‌

Portfolio

turnover

rate

...................................................................................

37

%

3

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering,

organization

and

printing

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

25.14%

and

0.81%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

79

Financial

Highlights

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Institutional

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................

$

8.11

‌

$

8.90

‌

$

12.30

‌

$

10.00

‌

Net

investment

income

(b)

................................................

0

.17

‌

0

.20

‌

0

.16

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................................

0

.39

‌

(

0

.78

)

(

2

.37

)

2

.31

‌

Net

increase

(decrease)

from

investment

operations

...............................

0.56

‌

(0.58

)

(2.21

)

2.35

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

.............................................

(

0

.19

)

(

0

.21

)

(

0

.14

)

(

0

.05

)

From

net

realized

gain

..................................................

—

‌

—

‌

(

1

.05

)

—

‌

Total

distributions

......................................................

(0.19

)

(0.21

)

(1.19

)

(0.05

)

Net

asset

value,

end

of

period

.............................................

$

8.48

‌

$

8.11

‌

$

8.90

‌

$

12.30

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

.................................................

7.06

%

(6.47

)%

(19.84

)%

23.53

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

........................................................

4.20

%

5.40

%

4.37

%

3.70

%

(g)

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................

0.86

%

0.86

%

0.86

%

0.86

%

(g)

Net

investment

income

..................................................

2.09

%

2.44

%

1.51

%

0.47

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................

$

222

‌

$

102

‌

$

119

‌

$

125

‌

Portfolio

turnover

rate

....................................................

148

%

139

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.30%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

80

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Investor

A

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................

$

8.11

‌

$

8.89

‌

$

12.29

‌

$

10.00

‌

Net

investment

income

(b)

................................................

0

.14

‌

0

.17

‌

0

.13

‌

0

.02

‌

Net

realized

and

unrealized

gain

(loss)

.......................................

0

.40

‌

(

0

.77

)

(

2

.36

)

2

.31

‌

Net

increase

(decrease)

from

investment

operations

...............................

0.54

‌

(0.60

)

(2.23

)

2.33

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

.............................................

(

0

.17

)

(

0

.18

)

(

0

.12

)

(

0

.04

)

From

net

realized

gain

..................................................

—

‌

—

‌

(

1

.05

)

—

‌

Total

distributions

......................................................

(0.17

)

(0.18

)

(1.17

)

(0.04

)

Net

asset

value,

end

of

period

.............................................

$

8.48

‌

$

8.11

‌

$

8.89

‌

$

12.29

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

.................................................

6.78

%

(6.72

)%

(20.04

)%

23.33

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

........................................................

4.48

%

5.57

%

4.71

%

3.92

%

(g)

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................

1.11

%

1.11

%

1.11

%

1.11

%

(g)

Net

investment

income

..................................................

1.76

%

2.07

%

1.21

%

0.31

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................

$

187

‌

$

208

‌

$

149

‌

$

138

‌

Portfolio

turnover

rate

....................................................

148

%

139

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.52%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

81

Financial

Highlights

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

Class

K

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

........................................

$

8.11

‌

$

8.90

‌

$

12.30

‌

$

10.00

‌

Net

investment

income

(b)

................................................

0

.17

‌

0

.20

‌

0

.17

‌

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

.......................................

0

.40

‌

(

0

.77

)

(

2

.37

)

2

.31

‌

Net

increase

(decrease)

from

investment

operations

...............................

0.57

‌

(0.57

)

(2.20

)

2.35

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

.............................................

(

0

.20

)

(

0

.22

)

(

0

.15

)

(

0

.05

)

From

net

realized

gain

..................................................

—

‌

—

‌

(

1

.05

)

—

‌

Total

distributions

......................................................

(0.20

)

(0.22

)

(1.20

)

(0.05

)

Net

asset

value,

end

of

period

.............................................

$

8.48

‌

$

8.11

‌

$

8.90

‌

$

12.30

‌

Total

Return

(d)

—

—

—

—

Based

on

net

asset

value

.................................................

7.11

%

(6.41

)%

(19.80

)%

23.55

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

........................................................

4.10

%

5.18

%

4.24

%

3.39

%

(g)

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...............................

0.81

%

0.81

%

0.81

%

0.81

%

(g)

Net

investment

income

..................................................

2.03

%

2.42

%

1.56

%

0.52

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

.............................................

$

10,236

‌

$

9,847

‌

$

9,672

‌

$

12,056

‌

Portfolio

turnover

rate

....................................................

148

%

139

%

173

%

147

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.00%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

the

period)

2024

BlackRock

Annual

Report

to

Shareholders

82

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Institutional

Period

from

06/21/23

(a)

to

04/30/24

Net

asset

value,

beginning

of

period

.....................................................................................

$

10.00

‌

Net

investment

income

(b)

.............................................................................................

0

.10

‌

Net

realized

and

unrealized

gain

........................................................................................

1

.38

‌

Net

increase

from

investment

operations

....................................................................................

1.48

‌

Distributions

from

net

investment

income

(c)

................................................................................

(0.08

)

Net

asset

value,

end

of

period

..........................................................................................

$

11.40

‌

Total

Return

(d)

Based

on

net

asset

value

..............................................................................................

14.92

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

.....................................................................................................

5.32

%

(g)

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................................

0.71

%

(g)

(h)

(i)

Net

investment

income

...............................................................................................

1.11

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

116

‌

Portfolio

turnover

rate

.................................................................................................

78

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.52%

and

0.71%,

respectively.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.71%

and

0.71%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

83

Financial

Highlights

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Investor

A

Period

from

06/21/23

(a)

to

04/30/24

Net

asset

value,

beginning

of

period

.....................................................................................

$

10.00

‌

Net

investment

income

(b)

.............................................................................................

0

.08

‌

Net

realized

and

unrealized

gain

........................................................................................

1

.38

‌

Net

increase

from

investment

operations

....................................................................................

1.46

‌

Distributions

from

net

investment

income

(c)

................................................................................

(0.07

)

Net

asset

value,

end

of

period

..........................................................................................

$

11.39

‌

Total

Return

(d)

Based

on

net

asset

value

..............................................................................................

14.71

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

.....................................................................................................

5.59

%

(g)

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................................

0.96

%

(g)

(h)

(i)

Net

investment

income

...............................................................................................

0.86

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

213

‌

Portfolio

turnover

rate

.................................................................................................

78

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.87%

and

0.96%,

respectively.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.96%

and

0.96%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

the

period)

2024

BlackRock

Annual

Report

to

Shareholders

84

BlackRock

Sustainable

Advantage

Global

Equity

Fund

Class

K

Period

from

06/21/23

(a)

to

04/30/24

Net

asset

value,

beginning

of

period

.....................................................................................

$

10.00

‌

Net

investment

income

(b)

.............................................................................................

0

.10

‌

Net

realized

and

unrealized

gain

........................................................................................

1

.39

‌

Net

increase

from

investment

operations

....................................................................................

1.49

‌

Distributions

from

net

investment

income

(c)

................................................................................

(0.09

)

Net

asset

value,

end

of

period

..........................................................................................

$

11.40

‌

Total

Return

(d)

Based

on

net

asset

value

..............................................................................................

14.95

%

(e)

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

.....................................................................................................

4.98

%

(g)

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

............................................................................

0.66

%

(g)

(h)

(i)

Net

investment

income

...............................................................................................

1.16

%

(g)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................................................................

$

11,175

‌

Portfolio

turnover

rate

.................................................................................................

78

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

non-recurring

expenses

of

offering

and

organization

costs.

Without

these

costs,

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

3.18%

and

0.66%,

respectively.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

and

total

expenses

after

fees

waived

and/or

reimbursed

would

have

been

5.37%

and

0.66%,

respectively.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

85

Financial

Highlights

BlackRock

Sustainable

Advantage

International

Equity

Fund

Institutional

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................

$

10.39

‌

$

9.64

‌

$

12.08

‌

$

10.00

‌

Net

investment

income

(b)

.................................................

0

.26

‌

0

.24

‌

0

.23

‌

0

.13

‌

Net

realized

and

unrealized

gain

(loss)

........................................

0

.80

‌

0

.82

‌

(

1

.16

)

2

.01

‌

Net

increase

(decrease)

from

investment

operations

................................

1.06

‌

1.06

‌

(0.93

)

2.14

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

..............................................

(

0

.28

)

(

0

.31

)

(

0

.27

)

(

0

.06

)

From

net

realized

gain

...................................................

—

‌

—

‌

(

1

.24

)

(

0

.00

)

(d)

Total

distributions

........................................................

(0.28

)

(0.31

)

(1.51

)

(0.06

)

Net

asset

value,

end

of

period

..............................................

$

11.17

‌

$

10.39

‌

$

9.64

‌

$

12.08

‌

Total

Return

(e)

Based

on

net

asset

value

..................................................

10.40

%

11.43

%

(9.13

)%

21.53

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.........................................................

3.07

%

4.29

%

3.72

%

3.40

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

0.50

%

0.50

%

0.50

%

0.50

%

(h)

Net

investment

income

...................................................

2.44

%

2.60

%

2.04

%

1.69

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................

$

204

‌

$

192

‌

$

174

‌

$

156

‌

Portfolio

turnover

rate

.....................................................

89

%

118

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.94%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

86

BlackRock

Sustainable

Advantage

International

Equity

Fund

Investor

A

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................

$

10.39

‌

$

9.63

‌

$

12.07

‌

$

10.00

‌

Net

investment

income

(b)

.................................................

0

.23

‌

0

.22

‌

0

.21

‌

0

.11

‌

Net

realized

and

unrealized

gain

(loss)

........................................

0

.81

‌

0

.81

‌

(

1

.16

)

2

.01

‌

Net

increase

(decrease)

from

investment

operations

................................

1.04

‌

1.03

‌

(0.95

)

2.12

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

..............................................

(

0

.26

)

(

0

.27

)

(

0

.25

)

(

0

.05

)

From

net

realized

gain

...................................................

—

‌

—

‌

(

1

.24

)

(

0

.00

)

(d)

Total

distributions

........................................................

(0.26

)

(0.27

)

(1.49

)

(0.05

)

Net

asset

value,

end

of

period

..............................................

$

11.17

‌

$

10.39

‌

$

9.63

‌

$

12.07

‌

Total

Return

(e)

Based

on

net

asset

value

..................................................

10.14

%

11.12

%

(9.32

)%

21.33

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.........................................................

3.41

%

4.56

%

4.02

%

3.76

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

0.75

%

0.75

%

0.74

%

0.75

%

(h)

Net

investment

income

...................................................

2.18

%

2.36

%

1.85

%

1.45

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................

$

293

‌

$

265

‌

$

204

‌

$

140

‌

Portfolio

turnover

rate

.....................................................

89

%

118

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

4.31%.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

87

Financial

Highlights

BlackRock

Sustainable

Advantage

International

Equity

Fund

Class

K

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Period

from

08/18/20

(a)

to

04/30/21

Net

asset

value,

beginning

of

period

.........................................

$

10.39

‌

$

9.65

‌

$

12.08

‌

$

10.00

‌

Net

investment

income

(b)

.................................................

0

.26

‌

0

.25

‌

0

.24

‌

0

.13

‌

Net

realized

and

unrealized

gain

(loss)

........................................

0

.81

‌

0

.80

‌

(

1

.16

)

2

.01

‌

Net

increase

(decrease)

from

investment

operations

................................

1.07

‌

1.05

‌

(0.92

)

2.14

‌

Distributions

(c)

–

–

–

–

From

net

investment

income

..............................................

(

0

.29

)

(

0

.31

)

(

0

.27

)

(

0

.06

)

From

net

realized

gain

...................................................

—

‌

—

‌

(

1

.24

)

(

0

.00

)

(d)

Total

distributions

........................................................

(0.29

)

(0.31

)

(1.51

)

(0.06

)

Net

asset

value,

end

of

period

..............................................

$

11.17

‌

$

10.39

‌

$

9.65

‌

$

12.08

‌

Total

Return

(e)

Based

on

net

asset

value

..................................................

10.46

%

11.42

%

(9.00

)%

21.55

%

(f)

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

.........................................................

2.98

%

4.05

%

3.64

%

3.15

%

(h)

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

................................

0.45

%

0.45

%

0.45

%

0.45

%

(h)

Net

investment

income

...................................................

2.48

%

2.65

%

2.10

%

1.72

%

(h)

Supplemental

Data

Net

assets,

end

of

period

(000)

..............................................

$

15,140

‌

$

12,466

‌

$

10,770

‌

$

11,842

‌

Portfolio

turnover

rate

.....................................................

89

%

118

%

116

%

172

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Audit,

offering

and

organization

costs

were

not

annualized

in

the

calculation

of

the

expense

ratios.

If

these

expenses

were

annualized,

the

total

expenses

would

have

been

3.70%.

See

notes

to

financial

statements.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

88

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Amount

is

less

than

0.005%.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(i)

Annualized.

BlackRock

Tactical

Opportunities

Fund

Institutional

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

of

period

...........

$

14.41

‌

$

14.05

‌

$

14.05

‌

$

13.59

‌

$

13.67

‌

$

15.44

‌

Net

investment

income

(a)

...................

0

.29

‌

0

.15

‌

0

.05

‌

0

.05

‌

0

.06

‌

0

.19

‌

Net

realized

and

unrealized

gain

(loss)

..........

1

.07

‌

0

.72

‌

(

0

.05

)

0

.79

‌

0

.32

‌

(

0

.57

)

Net

increase

(decrease)

from

investment

operations

..

1.36

‌

0.87

‌

0.00

‌

0.84

‌

0.38

‌

(0.38

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

1

.57

)

—

‌

—

‌

(

0

.38

)

(

0

.46

)

(

0

.55

)

From

net

realized

gain

.....................

—

‌

(

0

.51

)

—

‌

—

‌

—

‌

(

0

.84

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

Total

distributions

..........................

(1.57

)

(0.51

)

—

‌

(0.38

)

(0.46

)

(1.39

)

Net

asset

value,

end

of

period

................

$

14.20

‌

$

14.41

‌

$

14.05

‌

$

14.05

‌

$

13.59

‌

$

13.67

‌

Total

Return

(d)

Based

on

net

asset

value

....................

10.19

%

6.22

%

0.00

%

(e)

6.18

%

2.79

%

(f)

(2.43

)%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

(h)

..........................

0.81

%

0.84

%

0.79

%

0.81

%

0.86

%

(i)

0.80

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

0.81

%

0.83

%

0.79

%

0.80

%

0.85

%

(i)

0.79

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

0.79

%

0.83

%

0.79

%

0.80

%

0.85

%

(i)

0.79

%

Net

investment

income

.....................

2.02

%

1.08

%

0.33

%

0.38

%

0.77

%

(i)

1.36

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

1,258,548

‌

$

954,744

‌

$

672,822

‌

$

464,694

‌

$

289,127

‌

$

290,851

‌

Portfolio

turnover

rate

.......................

146

%

172

%

110

%

136

%

167

%

288

%

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Expense

ratios

................................................

N/A  

N/A  

N/A  

N/A  

N/A  

0.79%

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

89

Financial

Highlights

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees.

Excluding

the

recoupment

of

past

waived

and/or

reimbursed

fees,

the

expense

ratios

were

as

follows:

(i)

Annualized.

(j)

Amount

is

less

than

0.005%.

BlackRock

Tactical

Opportunities

Fund

Service

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

of

period

...........

$

14.27

‌

$

13.94

‌

$

13.97

‌

$

13.54

‌

$

13.56

‌

$

15.33

‌

Net

investment

income

(a)

...................

0

.24

‌

0

.12

‌

0

.00

(b)

0

.01

‌

0

.04

‌

0

.16

‌

Net

realized

and

unrealized

gain

(loss)

..........

1

.06

‌

0

.70

‌

(

0

.03

)

0

.78

‌

0

.31

‌

(

0

.58

)

Net

increase

(decrease)

from

investment

operations

..

1.30

‌

0.82

‌

(0.03

)

0.79

‌

0.35

‌

(0.42

)

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

................

(

1

.54

)

—

‌

—

‌

(

0

.36

)

(

0

.37

)

(

0

.51

)

From

net

realized

gain

.....................

—

‌

(

0

.49

)

—

‌

—

‌

—

‌

(

0

.84

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.00

)

(d)

—

‌

—

‌

Total

distributions

..........................

(1.54

)

(0.49

)

—

‌

(0.36

)

(0.37

)

(1.35

)

Net

asset

value,

end

of

period

................

$

14.03

‌

$

14.27

‌

$

13.94

‌

$

13.97

‌

$

13.54

‌

$

13.56

‌

Total

Return

(e)

Based

on

net

asset

value

....................

9.80

%

5.93

%

(0.21

)%

5.86

%

2.63

%

(f)

(2.74

)%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

(h)

..........................

1.08

%

1.11

%

1.06

%

1.07

%

1.16

%

(i)

1.06

%

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.07

%

1.10

%

1.06

%

1.06

%

1.14

%

(i)

1.06

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

1.05

%

1.10

%

1.06

%

1.06

%

1.14

%

(i)

1.06

%

Net

investment

income

.....................

1.73

%

0.82

%

0.00

%

(j)

0.08

%

0.53

%

(i)

1.14

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

1,560

‌

$

1,053

‌

$

953

‌

$

1,972

‌

$

836

‌

$

767

‌

Portfolio

turnover

rate

.......................

146

%

172

%

110

%

136

%

167

%

288

%

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Expense

ratios

................................................

N/A  

N/A  

N/A  

N/A  

N/A  

1.04%

Se

e

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

90

BlackRock

Tactical

Opportunities

Fund

Investor

A

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

of

period

............

$

14.23

‌

$

13.90

‌

$

13.93

‌

$

13.49

‌

$

13.54

‌

$

15.31

‌

Net

investment

income

(a)

....................

0

.24

‌

0

.10

‌

0

.00

(b)

0

.01

‌

0

.04

‌

0

.14

‌

Net

realized

and

unrealized

gain

(loss)

...........

1

.06

‌

0

.71

‌

(

0

.03

)

0

.77

‌

0

.32

‌

(

0

.56

)

Net

increase

(decrease)

from

investment

operations

...

1.30

‌

0.81

‌

(0.03

)

0.78

‌

0.36

‌

(0.42

)

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

.................

(

1

.53

)

—

‌

—

‌

(

0

.34

)

(

0

.41

)

(

0

.51

)

From

net

realized

gain

......................

—

‌

(

0

.48

)

—

‌

—

‌

—

‌

(

0

.84

)

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(d)

—

‌

—

‌

Total

distributions

...........................

(1.53

)

(0.48

)

—

‌

(0.34

)

(0.41

)

(1.35

)

Net

asset

value,

end

of

period

.................

$

14.00

‌

$

14.23

‌

$

13.90

‌

$

13.93

‌

$

13.49

‌

$

13.54

‌

Total

Return

(e)

Based

on

net

asset

value

.....................

9.84

%

5.86

%

(0.22

)%

5.77

%

2.70

%

(f)

(2.77

)%

Ratios

to

Average

Net

Assets

(g)

Total

expen

ses

............................

1.08

%

1.13

%

1.08

%

1.09

%

1.15

%

(h)

1.10

%

(i)

Total

expenses

after

fees

waived

and/or

reimbursed

...

1.08

%

1.13

%

1.08

%

1.09

%

1.14

%

(h)

1.09

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..................

1.06

%

1.13

%

1.08

%

1.09

%

1.14

%

(h)

1.09

%

Net

investment

income

......................

1.71

%

0.75

%

0.03

%

0.09

%

0.48

%

(h)

1.01

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

185,827

‌

$

192,584

‌

$

187,461

‌

$

202,884

‌

$

208,746

‌

$

218,634

‌

Portfolio

turnover

rate

........................

146

%

172

%

110

%

136

%

167

%

288

%

(a)

Based

on

average

shares

outstanding.

(b)

Amount

is

less

than

$0.005

per

share.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

Amount

is

greater

than

$(0.005)

per

share.

(e)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

91

Financial

Highlights

BlackRock

Tactical

Opportunities

Fund

Investor

C

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

of

period

...........

$

13.74

‌

$

13.47

‌

$

13.60

‌

$

13.13

‌

$

13.14

‌

$

14.81

‌

Net

investment

income

(loss)

(a)

...............

0

.14

‌

0

.01

‌

(

0

.10

)

(

0

.09

)

(

0

.02

)

0

.04

‌

Net

realized

and

unrealized

gain

(loss)

..........

1

.01

‌

0

.68

‌

(

0

.03

)

0

.75

‌

0

.31

‌

(

0

.54

)

Net

increase

(decrease)

from

investment

operations

..

1.15

‌

0.69

‌

(0.13

)

0.66

‌

0.29

‌

(0.50

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

................

(

1

.43

)

—

‌

—

‌

(

0

.19

)

(

0

.30

)

(

0

.33

)

From

net

realized

gain

.....................

—

‌

(

0

.42

)

—

‌

—

‌

—

‌

(

0

.84

)

Return

of

capital

.........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

Total

distributions

..........................

(1.43

)

(0.42

)

—

‌

(0.19

)

(0.30

)

(1.17

)

Net

asset

value,

end

of

period

................

$

13.46

‌

$

13.74

‌

$

13.47

‌

$

13.60

‌

$

13.13

‌

$

13.14

‌

Total

Return

(d)

Based

on

net

asset

value

....................

9.00

%

5.19

%

(0.96

)%

5.02

%

2.21

%

(e)

(3.45

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

...........................

1.79

%

1.83

%

1.83

%

1.84

%

1.86

%

(g)

1.82

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

..

1.79

%

1.83

%

1.83

%

1.84

%

1.85

%

(g)

1.81

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

.................

1.77

%

1.83

%

1.83

%

1.84

%

1.85

%

(g)

1.81

%

Net

investment

income

(loss)

.................

1.00

%

0.07

%

(0.72

)%

(0.65

)%

(0.24

)%

(g)

0.26

%

Supplemental

Data

Net

assets,

end

of

period

(000)

................

$

8,768

‌

$

9,665

‌

$

7,478

‌

$

8,665

‌

$

13,187

‌

$

17,171

‌

Portfolio

turnover

rate

.......................

146

%

172

%

110

%

136

%

167

%

288

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

excludes

the

effects

of

any

sales

charges

and

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2024

BlackRock

Annual

Report

to

Shareholders

92

BlackRock

Tactical

Opportunities

Fund

Class

K

Year

Ended

04/30/24

Year

Ended

04/30/23

Year

Ended

04/30/22

Year

Ended

04/30/21

Period

from

10/01/19

to

04/30/20

Year

Ended

09/30/19

Net

asset

value,

beginning

of

period

............

$

14.41

‌

$

14.04

‌

$

14.02

‌

$

13.57

‌

$

13.65

‌

$

15.43

‌

Net

investment

income

(a)

....................

0

.30

‌

0

.15

‌

0

.06

‌

0

.07

‌

0

.07

‌

0

.21

‌

Net

realized

and

unrealized

gain

(loss)

...........

1

.08

‌

0

.74

‌

(

0

.04

)

0

.78

‌

0

.32

‌

(

0

.57

)

Net

increase

(decrease)

from

investment

operations

...

1.38

‌

0.89

‌

0.02

‌

0.85

‌

0.39

‌

(0.36

)

Distributions

(b)

–

–

–

–

–

–

From

net

investment

income

.................

(

1

.59

)

—

‌

—

‌

(

0

.40

)

(

0

.47

)

(

0

.58

)

From

net

realized

gain

......................

—

‌

(

0

.52

)

—

‌

—

‌

—

‌

(

0

.84

)

Return

of

capital

..........................

—

‌

—

‌

—

‌

(

0

.00

)

(c)

—

‌

—

‌

Total

distributions

...........................

(1.59

)

(0.52

)

—

‌

(0.40

)

(0.47

)

(1.42

)

Net

asset

value,

end

of

period

.................

$

14.20

‌

$

14.41

‌

$

14.04

‌

$

14.02

‌

$

13.57

‌

$

13.65

‌

Total

Return

(d)

Based

on

net

asset

value

.....................

10.33

%

6.36

%

0.14

%

6.25

%

2.93

%

(e)

(2.34

)%

Ratios

to

Average

Net

Assets

(f)

Total

expen

ses

............................

0.68

%

0.69

%

0.66

%

0.67

%

0.72

%

(g)

0.67

%

(h)

Total

expenses

after

fees

waived

and/or

reimbursed

...

0.67

%

0.68

%

0.66

%

0.66

%

0.72

%

(g)

0.67

%

Total

expenses

after

fees

waived

and/or

reimbursed

and

excluding

interest

expense

..................

0.66

%

0.68

%

0.66

%

0.66

%

0.72

%

(g)

0.67

%

Net

investment

income

......................

2.11

%

1.05

%

0.44

%

0.49

%

0.91

%

(g)

1.51

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.................

$

296,528

‌

$

337,297

‌

$

777,280

‌

$

779,750

‌

$

363,505

‌

$

366,664

‌

Portfolio

turnover

rate

........................

146

%

172

%

110

%

136

%

167

%

288

%

(a)

Based

on

average

shares

outstanding.

(b)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(c)

Amount

is

greater

than

$(0.005)

per

share.

(d)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(e)

Not

annualized.

(f)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(g)

Annualized.

(h)

Includes

recoupment

of

past

waived

and/or

reimbursed

fees

with

no

financial

impact

to

the

expense

ratios.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

93

Notes

to

Financial

Statements

1.

ORGANIZATION 

BlackRock

Funds

SM

 (the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Massachusetts

business

 trust.

The

following

,

each

of

which

is

a

series

of

the

Trust,

 are

referred

to

herein

collectively

as

the

“Funds”

or

individually

as

a

“Fund”:

Each

Fund

offers

multiple

classes

of

shares.

All

classes

of

shares

have

identical

voting,

dividend,

liquidation

and

other

rights

and

are

subject

to

the

same

terms

and

conditions,

except

that

certain

classes

bear

expenses

related

to

the

shareholder

servicing

and

distribution

of

such

shares.

Institutional,

Service

and

Class

K

Shares

are

sold

only

to

certain

eligible

investors.

Service,

Investor

A

and

Investor

C

Shares

bear

certain

expenses

related

to

shareholder

servicing

of

such

shares,

and

Investor

C

Shares

also

bear

certain

expenses

related

to

the

distribution

of

such

shares.

Investor

A

and

Investor

C

Shares

are

generally

available

through

financial

intermediaries.

Each

class

has

exclusive

voting

rights

with

respect

to

matters

relating

to

its

shareholder

servicing

and

distribution

expenditures

(except

that

Investor

C

shareholders

may

vote

on

material

changes

to

the

Investor

A

Shares

distribution

and

service

plan).

(a)

Investor

A

Shares

may

be

subject

to

a

CDSC

for

certain

redemptions

where

no

initial

sales

charge

was

paid

at

the

time

of

purchase.

(b)

A

CDSC

of

1.00%

is

assessed

on

certain

redemptions

of

Investor

C

Shares

made

within

one

year

after

purchase.

The

Funds,

together

with

certain

other

registered

investment

companies

advised

by

BlackRock

Advisors,

LLC

(the

“Manager”) or

its

affiliates,

are

included

in

a

complex

of

funds

referred

to

as

the BlackRock

Multi-Asset

Complex.

2.

SIGNIFICANT

ACCOUNTING

POLICIES

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies: 

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

dates.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

dates

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

dates

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

dates.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain.

Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Income,

expenses

and

realized

and

unrealized

gains

and

losses

are

allocated

daily

to

each

class

based

on

its

relative

net

assets. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value. 

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

 Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

April

30,

2024

,

if

any,

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Fund

Name

Herein

Referred

To

As

Diversification

Classification

BlackRock

Emerging

Markets

ex-China

Fund

......................................

Emerging

Markets

ex-China

Non-Diversified

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

........................

Sustainable

Advantage

Emerging

Markets

Equity

Diversified

BlackRock

Sustainable

Advantage

Global

Equity

Fund

................................

Sustainable

Advantage

Global

Equity

Diversified

BlackRock

Sustainable

Advantage

International

Equity

Fund

............................

Sustainable

Advantage

International

Equity

Diversified

BlackRock

Tactical

Opportunities

Fund

..........................................

Tactical

Opportunities

Diversified

Share

Class

Initial

Sales

Charge

Contingent

Deferred

Sales

Charges

(“CDSC”)

Conversion

Privilege

Institutional,

Service

and

Class

K

Shares

.............................

No

No

None

Investor

A

Shares

............................................

Yes

No

(a)

None

Investor

C

Shares

...........................................

No

Yes

(b)

To

Investor

A

Shares

after

approximately

8

years

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

94

The

Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes. 

Bank

Overdraft

:

 Certain

Funds

had

outstanding

cash

disbursements

exceeding

deposited

cash

amounts

at

the

custodian during

the

reporting

period.

The

Funds are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations.

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.  

Distributions:

Distributions

paid

by

the

Funds

are

recorded

on

the

ex-dividend

dates.

The

character

and

timing

of

distributions

are

determined

in

accordance

with

U.S.

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.   

Organization

and

Offering

Costs:

Upon

commencement

of

operations,

organization

costs

associated

with

the

establishment

of

the

Sustainable

Advantage

Global

Equity

was

expensed

by

the

Fund

and

reimbursed

by

the

Manager.

The

Manager

reimbursed

the

Fund

following

amounts,

which

is

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

Offering

costs

are

amortized

over

a

12-month

period

beginning

with

the

commencement

of

operations

of

a

class

of

shares.  

Indemnifications:

In

the

normal

course

of

business,

a

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

A

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

a

Fund,

which

cannot

be

predicted

with

any

certainty.

Other:

Expenses

directly

related

to

a

Fund

or

its

classes

are

charged

to

that

Fund

or

the

applicable

class.

Expenses

directly

related

to

the

Funds

and

other

shared

expenses

prorated

to

the

Funds

are

allocated

daily

to

each

class

based

on

their

relative

net

assets

or

other

appropriate

methods.

Other

operating

expenses

shared

by

several

funds,

including

other

funds

managed

by

the

Manager,

are

prorated

among

those

funds

on

the

basis

of

relative

net

assets

or

other

appropriate

methods. 

3.

INVESTMENT

VALUATION

AND

FAIR

VALUE

MEASUREMENTS 

Investment

Valuation

Policies:

 Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund

is

open

for

business

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees

of

the

Trust

(the

“Board”)

has

approved

the

designation

of

each

Fund’s

Manager

as

the

valuation

designee

for

each

Fund.

Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

the

Manager’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value.

The

Manager

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

each

Fund’s

assets

and

liabilities:

Equity

investments

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

available

bid

(long

positions)

or

ask

(short

positions)

price.  

Fixed-income investments

for

which

market

quotations

are

readily

available

are

generally

valued

using

the

last

available

bid

price

or

current

market

quotations

provided

by

independent

dealers

or

third-party

pricing

services.  Pricing

services

generally

value

fixed-income

securities

assuming

orderly

transactions

of

an

institutional

round

lot

size,

but

a

fund

may

hold

or

transact

in

such

securities

in

smaller,

odd

lot

sizes.

Odd

lots

may

trade

at

lower

prices

than

institutional

round

lots.

The

pricing

services

may

use

matrix

pricing

or

valuation

models

that

utilize

certain

inputs

and

assumptions

to

derive

values,

including

transaction

data

(e.g.,

recent

representative

bids

and

offers),

market

data, credit

quality

information,

perceived

market

movements,

news,

and

other

relevant

information.

Certain

fixed-income

securities,

including

asset-

backed

and

mortgage

related

securities

may

be

valued

based

on

valuation

models

that

consider

the

estimated

cash

flows

of

each

tranche

of

the

entity,

establish

a

benchmark

yield

and

develop

an

estimated

tranche

specific

spread

to

the

benchmark

yield

based

on

the

unique

attributes

of

the

tranche.

The

amortized

cost

method

of

valuation

may

be

used

with

respect

to

debt

obligations

with

sixty

days

or

less

remaining

to

maturity

unless

the

Manager

determines

such

method

does

not

represent

fair

value.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds) are

valued

at

that

day’s

published net

asset

value

(“NAV”).

Futures

contracts

are valued

based

on

that

day’s

last

reported

settlement

or

trade price

on

the

exchange

where

the

contract

is

traded.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

Swap

agreements

are

valued

utilizing

quotes

received

daily

by

independent pricing

services

or

through

brokers,

which

are

derived

using

daily

swap

curves

and

models

that

incorporate

a

number

of

market

data

factors,

such

as

discounted

cash

flows,

trades

and

values

of

the

underlying

reference

instruments. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

Fund

Name

Amounts

Reimbursed

Sustainable

Advantage

Global

Equity

.....................................................................................

$

25,000‌

Notes

to

Financial

Statements

(continued)

95

Notes

to

Financial

Statements

If

events

(e.g.,

market

volatility,

company

announcement or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with

the

Manager’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that

each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

For

investments

in

equity

or

debt

issued

by

privately

held

companies

or

funds

(“Private

Company”

or

collectively,

the

“Private

Companies”)

and

other

Fair

Valued

Investments,

the

fair

valuation

approaches

that

are

used

by

the

Valuation

Committee

and

third-party

pricing

services

utilized

by

the

Valuation

Committee

include one

or

a

combination

of,

but

not

limited

to,

the

following

inputs.  

Investments

in

series

of

preferred

stock

issued

by

Private

Companies

are

typically

valued

utilizing

market

approach

in

determining

the

enterprise

value

of

the

company.

Such

investments

often

contain

rights

and

preferences

that

differ

from

other

series

of

preferred

and

common

stock

of

the

same

issuer.

Enterprise

valuation

techniques

such

as

an

option

pricing

model

(“OPM”),

a

probability

weighted

expected

return

model

(“PWERM”),

current

value

method or

a

hybrid

of

those

techniques

are

used

as

deemed

appropriate

under

the

circumstances.

The

use

of these

valuation techniques

involves

a

determination

of

the

exit

scenarios

of

the

investment

in

order

to

appropriately

allocate

the

enterprise

value

of

the

company

among

the

various

parts

of

its

capital

structure. 

The

Private

Companies

are

not

subject

to

the

public

company

disclosure,

timing,

and

reporting

standards

applicable

to other

investments

held

by

a

Fund.

Typically,

the

most

recently

available

information

by

a

Private

Company

is

as

of

a

date

that

is

earlier

than

the

date

a

Fund

is

calculating

its

NAV.

This

factor

may

result

in

a

difference

between

the

value

of

the

investment

and

the

price

a

Fund

could

receive

upon

the

sale

of

the

investment. 

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial reporting purposes

as

follows: 

Level

1

—

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that

each

Fund

has

the

ability

to

access;

Level

2

—

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market–corroborated

inputs);

and 

Level

3 —

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available

(including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety. Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

Private

Companies

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

SECURITIES

AND

OTHER

INVESTMENTS 

Asset-Backed

and

Mortgage-Backed

Securities:

Asset-backed

securities

are

generally

issued

as

pass-through

certificates

or

as

debt

instruments.

Asset-backed

securities

issued

as

pass-through

certificates

represent

undivided

fractional

ownership

interests

in

an

underlying

pool

of

assets.

Asset-backed

securities

issued

as

debt

instruments,

which

are

also

known

as

collateralized

obligations,

are

typically

issued

as

the

debt

of

a

special

purpose

entity

organized

solely

for

the

purpose

of

owning

such

assets

and

issuing

such

debt.

Asset-backed

securities

are

often

backed

by

a

pool

of

assets

representing

the

obligations

of

a

number

of

different

parties.

The

yield

characteristics

of

certain

asset-backed

securities

may

differ

from

traditional

debt

securities.

One

such

major

difference

is

that

all

or

a

principal

part

of

the

obligations

may

be

prepaid

at

any

time

because

the

underlying

assets

(i.e.,

loans)

may

be

prepaid

at

any

time.

As

a

result,

a

decrease

in

interest

rates

in

the

market

may

result

in

increases

in

the

level

of

prepayments

as

borrowers,

particularly

mortgagors,

refinance

and

repay

their

loans.

An

increased

prepayment

rate

with

respect

to

an

asset-backed

security

will

have

the

Standard

Inputs

Generally

Considered

By

The

Valuation

Committee

And

Third-Party

Pricing

Services

Market

approach

........................

(i)        

recent

market

transactions,

including

subsequent

rounds

of

financing,

in

the

underlying

investment

or

comparable  

            issuers;

(ii)        recapitalizations

and

other

transactions

across

the

capital

structure;

and

(iii)      

market

multiples

of

comparable

issuers.

Income

approach

..........................

(i)        

future

cash

flows

discounted

to

present

and

adjusted

as

appropriate

for

liquidity,

credit,

and/or

market

risks;

(ii)        quoted

prices

for

similar

investments

or

assets

in

active

markets;

and

(iii)      

other

risk

factors,

such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks,

            recovery

rates,

liquidation

amounts

and/or

default

rates.

Cost

approach

............................

(i)        

audited

or

unaudited

financial

statements,

investor

communications

and

financial

or

operational

metrics

            issued

by

the

Private

Company;

(ii)        changes

in

the

valuation

of

relevant

indices

or

publicly

traded

companies

comparable

to

the

Private

Company;

(iii)      

relevant

news

and

other

public

sources;

and

(iv)      

known

secondary

market

transactions

in

the

Private

Company’s

interests

and

merger

or

acquisition

activity

            in

companies

comparable

to

the

Private

Company.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

96

effect

of

shortening

the

maturity

of

the

security.

In

addition,

a

fund

may

subsequently

have

to

reinvest

the

proceeds

at

lower

interest

rates.

If

a

fund

has

purchased

such

an

asset-backed

security

at

a

premium,

a

faster

than

anticipated

prepayment

rate

could

result

in

a

loss

of

principal

to

the

extent

of

the

premium

paid. 

For

mortgage

pass-through

securities

(the

“Mortgage

Assets”)

there

are

a

number

of

important

differences

among

the

agencies

and

instrumentalities

of

the

U.S.

Government

that

issue

mortgage-related

securities

and

among

the

securities

that

they

issue.

For

example,

mortgage-related

securities

guaranteed

by

Ginnie

Mae

are

guaranteed

as

to

the

timely

payment

of

principal

and

interest

by

Ginnie

Mae

and

such

guarantee

is

backed

by

the

full

faith

and

credit

of

the

United

States.

However,

mortgage-related

securities

issued

by

Freddie

Mac

and

Fannie

Mae,

including

Freddie

Mac

and

Fannie

Mae

guaranteed

mortgage

pass-through

certificates,

which

are

solely

the

obligations

of

Freddie

Mac

and

Fannie

Mae,

are

not

backed

by

or

entitled

to

the

full

faith

and

credit

of

the

United

States,

but

are

supported

by

the

right

of

the

issuer

to

borrow

from

the

U.S.

Treasury. 

Non-agency

mortgage-backed

securities

are

securities

issued

by

non-governmental

issuers

and

have

no

direct

or

indirect

government

guarantees

of

payment

and

are

subject

to

various

risks.

Non-agency

mortgage

loans

are

obligations

of

the

borrowers

thereunder

only

and

are

not

typically

insured

or

guaranteed

by

any

other

person

or

entity.

The

ability

of

a

borrower

to

repay

a

loan

is

dependent

upon

the

income

or

assets

of

the

borrower.

A

number

of

factors,

including

a

general

economic

downturn,

acts

of

God,

terrorism,

social

unrest

and

civil

disturbances,

may

impair

a

borrower’s

ability

to

repay

its

loans.

Collateralized

Debt

Obligations:

Collateralized

debt

obligations

(“CDOs”),

including

collateralized

bond

obligations

(“CBOs”)

and

collateralized

loan

obligations

(“CLOs”),

are

types

of

asset-backed

securities.

A

CDO

is

an

entity

that

is

backed

by

a

diversified

pool

of

debt

securities

(CBOs)

or

syndicated

bank

loans

(CLOs).

The

cash

flows

of

the

CDO

can

be

split

into

multiple

segments,

called

“tranches,”

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segment

is

the

subordinated

or

“equity”

tranche.

This

tranche

bears

the

greatest

risk

of

defaults

from

the

underlying

assets

in

the

CDO

and

serves

to

protect

the

other,

more

senior,

tranches

from

default

in

all

but

the

most

severe

circumstances.

Since

it

is

shielded

from

defaults

by

the

more

junior

tranches,

a

“senior”

tranche

will

typically

have

higher

credit

ratings

and

lower

yields

than

their

underlying

securities,

and

often

receive

investment

grade

ratings

from

one

or

more

of

the

nationally

recognized

rating

agencies.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses

due

to

actual

defaults,

increased

sensitivity

to

future

defaults

and

the

disappearance

of

one

or

more

protecting

tranches

as

a

result

of

changes

in

the

credit

profile

of

the

underlying

pool

of

assets. 

Preferred

Stocks:

Preferred

stock

has

a

preference

over

common

stock

in

liquidation

(and

generally

in

receiving

dividends

as

well),

but

is

subordinated

to

the

liabilities

of

the

issuer

in

all

respects.

As

a

general

rule,

the

market

value

of

preferred

stock

with

a

fixed

dividend

rate

and

no

conversion

element

varies

inversely

with

interest

rates

and

perceived

credit

risk,

while

the

market

price

of

convertible

preferred

stock

generally

also

reflects

some

element

of

conversion

value.

Because

preferred

stock

is

junior

to

debt

securities

and

other

obligations

of

the

issuer,

deterioration

in

the

credit

quality

of

the

issuer

will

cause

greater

changes

in

the

value

of

a

preferred

stock

than

in

a

more

senior

debt

security

with

similar

stated

yield

characteristics.

Unlike

interest

payments

on

debt

securities,

preferred

stock

dividends

are

payable

only

if

declared

by

the

issuer’s

board

of

directors.

Preferred

stock

also

may

be

subject

to

optional

or

mandatory

redemption

provisions. 

Warrants:

Warrants

entitle

a

fund

to

purchase

a

specified

number

of

shares

of

common

stock

and

are

non-income

producing.

The

purchase

price

and

number

of

shares

are

subject

to

adjustment

under

certain

conditions

until

the

expiration

date

of

the

warrants,

if

any.

If

the

price

of

the

underlying

stock

does

not

rise

above

the

strike

price

before

the

warrant

expires,

the

warrant

generally

expires

without

any

value

and

a

fund

will

lose

any

amount

it

paid

for

the

warrant.

Thus,

investments

in

warrants

may

involve

more

risk

than

investments

in

common

stock.

Warrants

may

trade

in

the

same

markets

as

their

underlying

stock;

however,

the

price

of

the

warrant

does

not

necessarily

move

with

the

price

of

the

underlying

stock. 

Securities

Lending:

 Certain

Funds

may

lend

their

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Funds

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

a

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund,

or

excess

collateral returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Funds

are

entitled

to

all

distributions

made

on

or in

respect

of

the

loaned

securities,

but

do

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

by

the

securities

lending

agent,

BlackRock

Investment

Management,

LLC

(“BIM”),

if

any,

is

disclosed

in

the

Schedules

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

disclosed

in

the

Funds’

Schedules

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

related

collateral,

if

any,  are

shown

separately

in

the

Statements

of

Assets

and

Liabilities

as

a

component

of

investments

at

value

–

unaffiliated

and

collateral

on

securities

loaned,

respectively.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”),

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

Notes

to

Financial

Statements

(continued)

97

Notes

to

Financial

Statements

As

of

period

end,

the

following

tables

are

a

summary

of

the

Funds'

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA:

Fund

Name/Counterparty 

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

Net

Amount

Sustainable

Advantage

Emerging

Markets

Equity

Credit

Suisse

Securities

(USA)

LLC

................

$

23,652‌

$

(23,652‌)

$

—‌

$

—‌

Sustainable

Advantage

Global

Equity

BofA

Securities,

Inc.

...........................

$

3,809‌

$

(3,809‌)

$

—‌

$

—‌

Tactical

Opportunities

Barclays

Capital,

Inc.

..........................

4,883‌

(4,883‌)

—‌

—‌

BofA

Securities,

Inc.

...........................

617,698‌

(617,698‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

....................

9,509‌

(9,509‌)

—‌

—‌

Credit

Suisse

Securities

(USA)

LLC

................

6,080‌

(6,080‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

......................

24,327‌

(24,327‌)

—‌

—‌

Morgan

Stanley

..............................

264,386‌

(264,386‌)

—‌

—‌

SG

Americas

Securities

LLC

.....................

407‌

(407‌)

—‌

—‌

$

927,290‌

$

(927,290‌)

$

—‌

$

—‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Funds’

Statements

of

Assets

and

Liabilities.

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Funds

benefit

from

a

borrower

default

indemnity

provided

by

BIM.

BIM’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent the

collateral

received

does

not

cover

the

value

on

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Funds.

5.

Derivative

Financial

Instruments

The

Funds

engage

in

various

portfolio

investment

strategies

using

derivative

contracts

both

to

increase

the

returns

of

the

Funds

and/or

to

manage

their

exposure

to

certain

risks

such

as

credit

risk,

equity

risk,

interest

rate

risk,

foreign

currency

exchange

rate

risk,

commodity

price

risk

or

other

risks

(e.g.,

inflation

risk).

Derivative

financial

instruments

categorized

by

risk

exposure

are

included

in

the

Schedules

of

Investments.

These

contracts

may

be

transacted

on

an

exchange

or

over-the-counter

(“OTC”).

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk)

.

Futures

contracts

are

exchange-traded agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited,

if

any, are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

Forward

Foreign

Currency

Exchange

Contracts

:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk).

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the

Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

OTC

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

in

the

Statements

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

forward

foreign

currency

exchange

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities. Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities. The

Fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund.

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

98

Swaps:

Swap

contracts

are

entered

into

to

manage

exposure

to

issuers,

markets

and

securities.

Such

contracts

are

agreements

between

the

Funds

and

a

counterparty

to

make

periodic

net

payments

on

a

specified

notional

amount

or

a

net

payment

upon

termination.

Swap

agreements

are

privately

negotiated

in

the

OTC

market

and

may

be

entered

into

as

a

bilateral

contract

(“OTC

swaps”)

or

centrally

cleared

(“centrally

cleared

swaps”).

For

OTC

swaps,

any

upfront

premiums

paid

and

any

upfront

fees

received

are

shown

as

swap

premiums

paid

and

swap

premiums

received,

respectively,

in

the

Statements

of

Assets

and

Liabilities

and

amortized

over

the

term

of

the

contract.

The

daily

fluctuation

in

market

value

is

recorded

as

unrealized

appreciation

(depreciation)

on

OTC

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

or

paid

are

recorded

in

the

Statements

of

Operations

as

realized

gains

or

losses,

respectively.

When

an

OTC

swap

is

terminated,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

proceeds

from

(or

cost

of)

the

closing

transaction

and

the

Funds’

basis

in

the

contract,

if

any.

Generally,

the

basis

of

the

contract

is

the

premium

received

or

paid.

In

a

centrally

cleared

swap,

immediately

following

execution

of

the

swap

contract,

the

swap

contract

is

novated

to

a

central

counterparty

(the

“CCP”)

and

the

CCP

becomes

the Funds’

counterparty

on

the

swap. Each

Fund is

required

to

interface

with

the

CCP

through

the

broker.

Upon

entering

into

a

centrally

cleared

swap, each

Fund is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

the

size

and

risk

profile

of

the

particular

swap.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedules

of

Investments

and

cash

deposited

is

shown

as

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Amounts

pledged,

which

are

considered

restricted

cash,

are

included

in

cash

pledged

for

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract, each

Fund

agrees

to

receive

from

or

pay

to

the

broker

variation

margin.

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and

shown

as

variation

margin

receivable

(or

payable)

on

centrally

cleared

swaps

in

the

Statements

of

Assets

and

Liabilities.

Payments

received

from

(paid

to)

the

counterparty

are

amortized

over

the

term

of

the

contract

and recorded

as

realized

gains

(losses)

in

the

Statements

of

Operations,

including

those

at

termination.

Credit

default

swaps

—

Credit

default

swaps

are

entered

into

to

manage

exposure

to

the

market

or

certain

sectors

of

the

market,

to

reduce

risk

exposure

to

defaults

of

corporate

and/or

sovereign

issuers

or

to

create

exposure

to

corporate

and/or

sovereign

issuers

to

which

a

fund

is

not

otherwise

exposed

(credit

risk).

The

Funds

may

either

buy

or

sell

(write)

credit

default

swaps

on

single-name

issuers

(corporate

or

sovereign),

a

combination

or

basket

of

single-name

issuers

or

traded

indexes.

Credit

default

swaps

are

agreements

in

which

the

protection

buyer

pays

fixed

periodic

payments

to

the

seller

in

consideration

for

a

promise

from

the

protection

seller

to

make

a

specific

payment

should

a

negative

credit

event

take

place

with

respect

to

the

referenced

entity

(e.g.,

bankruptcy,

failure

to

pay,

obligation

acceleration,

repudiation,

moratorium

or

restructuring).

As

a

buyer,

if

an

underlying

credit

event

occurs,

the

Funds

will

either

(i)

receive

from

the

seller

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

security

or

underlying

securities

comprising

the

index,

or

(ii)

receive

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

As

a

seller

(writer),

if

an

underlying

credit

event

occurs,

the

Funds

will

either

pay

the

buyer

an

amount

equal

to

the

notional

amount

of

the

swap

and

take

delivery

of

the

referenced

security

or

underlying

securities

comprising

the

index

or

pay

a

net

settlement

of

cash

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

security

or

underlying

securities

comprising

the

index.

Total

return

swaps

—

Total

return

swaps

are

entered

into

to

obtain

exposure

to

a

security

or

market

without

owning

such

security

or

investing

directly

in

such

market

or

to

exchange

the

risk/return

of

one

security

or

market

(e.g.,

fixed-income)

with

another

security

or

market

(e.g.,

equity

or

commodity

prices)

(equity

risk,

commodity

price

risk

and/or

interest

rate

risk).

Total

return

swaps

are

agreements

in

which

there

is

an

exchange

of

cash

flows

whereby

one

party

commits

to

make

payments

based

on

the

total

return

(distributions

plus

capital

gains/losses)

of

an

underlying

instrument,

or

basket

of

underlying

instruments,

in

exchange

for

fixed

or

floating

rate

interest

payments.

If

the

total

return

of

the

instrument(s)

or

index

underlying

the

transaction

exceeds

or

falls

short

of

the

offsetting

fixed

or

floating

interest

rate

obligation,

the

Funds

receive

payment

from

or

make

a

payment

to

the

counterparty.

Certain

total

return

swaps

are

designed

to

function

as

a

portfolio

of

direct

investments

in

long

and

short

equity

positions.

This

means

that

each

Fund

has

the

ability

to

trade

in

and

out

of

these

long

and

short

positions

within

the

swap

and

will

receive

the

economic

benefits

and

risks

equivalent

to

direct

investment

in

these

positions,

subject

to

certain

adjustments

due

to

events

related

to

the

counterparty.

Benefits

and

risks

include

capital

appreciation

(depreciation),

corporate

actions

and

dividends

received

and

paid,

all

of

which

are

reflected

in

the

swap’s

market

value.

The

market

value

also

includes

interest

charges

and

credits

(“financing

fees”)

related

to

the

notional

values

of

the

long

and

short

positions

and

cash

balances

within

the

swap.

These

interest

charges

and

credits

are

based

on

a

specified

benchmark

rate

plus

or

minus

a

specified

spread

determined

based

upon

the

country

and/or

currency

of

the

positions

in

the

portfolio.

Positions

within

the

swap

and

financing

fees

are

reset

periodically.

During

a

reset,

any

unrealized

appreciation

(depreciation)

on

positions

and

accrued

financing

fees

become

available

for

cash

settlement

between

the

Funds

and

the

counterparty.

The

amounts

that

are

available

for

cash

settlement

are

recorded

as

realized

gains

or

losses

in

the

Statements

of

Operations.

Cash

settlement

in

and

out

of

the

swap

may

occur

at

a

reset

date

or

any

other

date,

at

the

discretion

of

the

Funds

and

the

counterparty,

over

the

life

of

the

agreement.

Certain

swaps

have

no

stated

expiration

and

can

be

terminated

by

either

party

at

any

time.

Interest

rate

swaps

—

Interest

rate

swaps

are

entered

into

to

gain

or

reduce

exposure

to

interest

rates

or

to

manage

duration,

the

yield

curve

or

interest

rate

(interest

rate

risk).

Interest

rate

swaps

are

agreements

in

which

one

party

pays

a

stream

of

interest

payments,

either

fixed

or

floating,

in

exchange

for

another

party’s

stream

of

interest

payments,

either

fixed

or

floating,

on

the

same

notional

amount

for

a

specified

period

of

time.

In

more

complex

interest

rate

swaps,

the

notional

principal

amount

may

decline

(or

amortize)

over

time.

Forward

swaps

— The

Funds

may enter

into

forward

interest

rate

swaps

and

forward

total

return

swaps.

In

a

forward

swap,

each

Fund

and

the

counterparty

agree

to

make

periodic

net

payments

beginning

on

a

specified

date

or

a

net

payment

at

termination.

Swap

transactions

involve,

to

varying

degrees,

elements

of

interest

rate,

credit

and

market

risks

in

excess

of

the

amounts

recognized

in

the

Statements

of

Assets

and

Liabilities.

Such

risks

involve

the

possibility

that

there

will

be

no

liquid

market

for

these

agreements,

that

the

counterparty

to

the

agreements

may

default

on

its

obligation

Notes

to

Financial

Statements

(continued)

99

Notes

to

Financial

Statements

to

perform

or

disagree

as

to

the

meaning

of

the

contractual

terms

in

the

agreements,

and

that

there

may

be

unfavorable

changes

in

interest

rates

and/or

market

values

associated

with

these

transactions.

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

it mitigate its

counterparty

risk, a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement, a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency

or

other

events.

Collateral

Requirements:

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

the

Fund(s)

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

Fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from the

counterparties

are

not

fully

collateralized, each

Fund bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

of

their

agreement

with

such

counterparty, each

Fund bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes,

the

Funds

do

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities.

6.

INVESTMENT

ADVISORY

AGREEMENT

AND

OTHER

TRANSACTIONS

WITH

AFFILIATES 

Investment

Advisory:

The

Trust,

on

behalf

of

the

Funds,

entered

into

an

Investment

Advisory

Agreement

with

the

Manager,

the

Funds’

investment

adviser

and

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

Inc.

(“BlackRock”),

to

provide

investment

advisory

services.

The

Manager

is

responsible

for

the

management

of each

Fund’s

portfolio

and

provides

the

personnel,

facilities,

equipment

and

certain

other

services

necessary

to

the

operations

of each

Fund.

For

such

services,

each

Fund

pays

the

Manager

a

monthly

fee

at

an

annual

rate

equal

to

the

following

percentages

of

the

average

daily

value

of

each

Fund’s

net

assets:

With

respect

to

Emerging

Markets

ex-China

and

Tactical

Opportunities,

the

Manager

entered

into

separate

sub-advisory

agreements

with

each

of

BlackRock

International

Limited

(“BIL”),

BlackRock

(Singapore)

Limited

(“BSL”)

and

BlackRock

Asset

Management

North

Asia

Limited

("BAMNA")

(collectively,

the

“Sub-Advisers”),

each

an

affiliate

of

the

Manager,

as

applicable.

The

Manager

pays

BIL

and

BAMNA

for

services

they

provide

for

that

portion

of

Emerging

Markets

ex-China

for

which

BIL

and

BAMNA,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Emerging

Markets

ex-China

to

the

Manager.

The

Manager

pays

BSL

and

BAMNA

for

services

they

provide

for

that

portion

of

Tactical

Opportunities

for

which

BSL

and

BAMNA,

as

applicable,

acts

as

sub-adviser,

a

monthly

fee

that

is

equal

to

a

percentage

of

the

investment

advisory

fees

paid

by

Tactical

Opportunities

to

the

Manager.

Investment

Advisory

Fees

Average

Daily

Net

Assets

Emerging

Markets

ex-

China

Sustainable

Advantage

Emerging

Markets

Equity

Sustainable

Advantage

Global

Equity

Sustainable

Advantage

International

Equity

First

$1

billion

..............................................................

0.810%

0.800%

0.660%

0.450%

$1

billion

-

$3

billion

..........................................................

0.760

0.750

0.620

0.420

$3

billion

-

$5

billion

..........................................................

0.730

0.720

0.590

0.410

$5

billion

-

$10

billion

.........................................................

0.700

0.700

0.570

0.390

Greater

than

$10

billion

........................................................

0.690

0.680

0.560

0.380

Investment

Advisory

Fees

Average

Daily

Net

Assets

Tactical

Opportunities

First

$1

billion

.........................................................................................................

0.550%

$1

billion

-

$2

billion

.....................................................................................................

0.500

$2

billion

-

$3

billion

.....................................................................................................

0.475

Greater

than

$3

billion

...................................................................................................

0.450

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

100

Service

and

Distribution

Fees:

The

Trust

,

on behalf

of the

Funds,

entered

into

a

Distribution

Agreement

and

a Distribution and

Service

Plan

with

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

the

Manager.

Pursuant

to

the

Distribution

and

Service

Plan

and

in

accordance

with

Rule

12b-1

under

the

1940

Act,

each

Fund

pays

BRIL

ongoing

service

and

distribution

fees.

The

fees

are

accrued

daily

and

paid

monthly

at

annual

rates

based

upon

the

average

daily

net

assets

of

the

relevant

share

class

of

each

Fund

as

follows:

BRIL

and

broker-dealers,

pursuant

to

sub-agreements

with

BRIL,

provide

shareholder

servicing

and

distribution

services

to

the

Funds.

The

ongoing

service

and/or

distribution

fee compensates

BRIL

and

each

broker-dealer

for

providing

shareholder

servicing

and/or

distribution related

services

to

shareholders.

For

the period

ended

April

30,

2024,

the

following

table

shows

the

class

specific

service

and

distribution

fees

borne

directly

by

each

share

class

of

each

Fund:

Administration:

The

Trust,

on

behalf

of each

Fund,

entered

into

an

Administration

Agreement

with

the

Manager,

an

indirect,

wholly-owned

subsidiary

of

BlackRock,

to

provide

administrative

services.

For

these

services,

the

Manager

receives

an

administration

fee

computed

daily

and

payable

monthly,

based

on

a

percentage

of

the

average

daily

net

assets

of

each

Fund.

The

administration

fee,

which

is

shown

as

administration

in

the

Statements

of

Operations,

is

paid

at

the

annual

rates

below.

In

addition,

the

Manager

charges

each

of

the

share

classes an

administration

fee,

which

is

shown

as

administration

—

class

specific

in

the Statements

of

Operations,

at

an

annual

rate

of 0.02%

of

the

average

daily

net

assets

of

each

respective

class.

For

the

period

ended

April

30,

2024, the

following

table

shows

the

class

specific

administration

fees

borne

directly

by

each

share

class

of

each

Fund:

Transfer

Agent:

Pursuant

to

written

agreements,

certain

financial

intermediaries,

some

of

which

may

be

affiliates,

provide

the

Funds

with

sub-accounting,

recordkeeping,

sub-transfer

agency

and

other

administrative

services

with

respect

to

servicing

of

underlying

investor

accounts.

For

these

services,

these

entities

receive

an

asset-based

fee

or

an

annual

fee

per

shareholder

account,

which

will

vary

depending

on

share

class

and/or

net

assets.

For

the

period ended April

30,

2024, Tactical

Opportunities

paid

the

following

amounts

to

affiliates

of

BlackRock

in

return

for

these

services,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

The

Manager

maintains

a

call

center

that

is

responsible

for

providing

certain

shareholder

services

to

the

Funds.

Shareholder

services

include

responding

to

inquiries

and

processing

purchases

and

sales

based

upon

instructions

from

shareholders.

For

the period

ended

April

30,

2024,

each

Fund

reimbursed

the

Manager

the

following

amounts

for

costs

incurred

in

running

the

call

center,

which

are

included

in

transfer

agent

—

class

specific

in

the

Statements

of

Operations:

Share

Class

Service

Fees

Distribution

Fees

Service

..................................................................................................

0.25‌

%

—‌

Investor

A

.................................................................................................

0.25‌

—‌

Investor

C

.................................................................................................

0.25‌

0.75‌

%

Fund

Name

Service

Investor

A

Investor

C

Total

Emerging

Markets

ex-China

..............................................................

$

—‌

$

306‌

$

—‌

$

306‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................

—‌

493‌

—‌

493‌

Sustainable

Advantage

Global

Equity

........................................................

—‌

328‌

—‌

328‌

Sustainable

Advantage

International

Equity

....................................................

—‌

670‌

—‌

670‌

Tactical

Opportunities

...................................................................

3,314‌

471,602‌

88,048‌

562,964‌

Average

Daily

Net

Assets

Administration

Fees

First

$500

million

......................................................................................................

0.0425%

$500

million

-

$1

billion

..................................................................................................

0.0400

$1

billion

-

$2

billion

....................................................................................................

0.0375

$2

billion

-

$4

billion

....................................................................................................

0.0350

$4

billion

-

$13

billion

...................................................................................................

0.0325

Greater

than

$13

billion

..................................................................................................

0.0300

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Emerging

Markets

ex-China

..............................................

$

944‌

$

—‌

$

25‌

$

—‌

$

1,094‌

$

2,063‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

25‌

—‌

39‌

—‌

1,985‌

2,049‌

Sustainable

Advantage

Global

Equity

........................................

18‌

—‌

27‌

—‌

1,771‌

1,816‌

Sustainable

Advantage

International

Equity

....................................

39‌

—‌

54‌

—‌

2,742‌

2,835‌

Tactical

Opportunities

...................................................

206,231‌

265‌

37,728‌

1,761‌

62,853‌

308,838‌

Fund

Name

Institutional

Tactical

Opportunities

.......................................................................................................

$

212,483‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Sustainable

Advantage

Emerging

Markets

Equity

................................

$

27‌

$

—‌

$

20‌

$

—‌

$

41‌

$

88‌

Sustainable

Advantage

International

Equity

....................................

40‌

—‌

59‌

—‌

29‌

128‌

Tactical

Opportunities

...................................................

3,758‌

95‌

65,055‌

1,744‌

504‌

71,156‌

Notes

to

Financial

Statements

(continued)

101

Notes

to

Financial

Statements

For

the

period ended

April

30,

2024,

the

following

table

shows

the

class

specific

transfer

agent

fees

borne

directly

by

each

share

class

of

each

Fund:

Other

Fees:

For

the period

ended April

30,

2024,

affiliates

earned

underwriting

discounts,

direct

commissions

and

dealer

concessions

on

sales

of each

Fund’s Investor

A

Shares as

follows:

For

the period

ended

April

30,

2024,

affiliates

received

CDSCs

as

follows:

Expense

Limitations,

Waivers,

Reimbursements

and

Recoupments:

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

its

investment

advisory

fees

by

the

amount

of

investment

advisory

fees

each

Fund

pays

to

the

Manager

indirectly

through

its

investment

in

affiliated

money

market

funds

(the

“affiliated

money

market

fund

waiver”)

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

trustees

who

are

not

"interested

persons"

of

the

Trust,

as

defined

in

the

1940

Act

("Independent

Trustees"),

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

The

amount

of

waivers

and/or

reimbursements

of

fees

and

expenses

made

pursuant

to

the

expense

limitations

described

below

will

be

reduced

by

the

amount

of

the

affiliated

money

market

fund

waiver.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the period

ended

April

30,

2024,

the

amounts

waived

were

as

follows:

The

Manager

has

contractually

agreed

to

waive

its

investment

advisory

fee

with

respect

to

any

portion

of each

Fund’s

assets

invested

in

affiliated

equity

and

fixed-

income mutual

funds

and

affiliated

exchange-traded

funds

that

have

a

contractual

management

fee

through

June

30,

2025.

The

contractual

agreement

may

be

terminated

upon

90

days’

notice

by

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of a

Fund.

These

amounts

are

included

in

fees

waived

and/or

reimbursed

by

the

Manager

in

the

Statements

of

Operations.

For

the

period

ended

April

30,

2024,

the

Manager

waived

$567

in

investment

advisory

fees

with

respect

to

Sustainable

Advantage

Global

Equity

pursuant

to

this

arrangement.

With

respect

to

each

Fund,

the

Manager

contractually

agreed

to

waive

and/or

reimburse

fees

or

expenses

in

order

to

limit

expenses,

excluding

interest

expense,

dividend

expense,

tax

expense,

acquired

fund

fees

and

expenses,

and

certain

other

fund

expenses,

which

constitute

extraordinary

expenses

not

incurred

in

the

ordinary

course

of

each

Fund’s

business

(“expense

limitation”).

The

expense

limitations

as

a

percentage

of

average

daily

net

assets

are

as

follows:

The

Manager

has

agreed

not

to

reduce

or

discontinue

the

contractual

expense

limitations

through

June

30,

2025

for Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity, unless

approved

by

the

Board,

including

a

majority

of

the

Independent

Trustees,

or

by

a

vote

of

a

majority

of

the

outstanding

voting

securities

of

a

Fund.

For

the

period

ended

April

30,

2024,

the

amounts

included

in

fees

waived

and/

or

reimbursed

by

the

Manager

in

the

Statements

of

Operations

were

as

follows:

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Total

Emerging

Markets

ex-China

..............................................

$

363‌

$

—‌

$

376‌

$

—‌

$

363‌

$

1,102‌

Sustainable

Advantage

Emerging

Markets

Equity

................................

124‌

—‌

281‌

—‌

106‌

511‌

Sustainable

Advantage

Global

Equity

........................................

305‌

—‌

313‌

—‌

310‌

928‌

Sustainable

Advantage

International

Equity

....................................

168‌

—‌

465‌

—‌

116‌

749‌

Tactical

Opportunities

...................................................

1,520,714‌

2,126‌

320,391‌

11,489‌

41,940‌

1,896,660‌

Fund

Name

Other

Fees

Sustainable

Advantage

Global

Equity

...........................................................................................

$

148‌

Tactical

Opportunities

......................................................................................................

4,335‌

Fund

Name

Investor

A

Investor

C

Tactical

Opportunities

...........................................................................................

$

241‌

$

671‌

Fund

Name

Amounts

Waived

Emerging

Markets

ex-China

.............................................................................................

$

506‌

Sustainable

Advantage

Emerging

Markets

Equity

...............................................................................

205‌

Sustainable

Advantage

Global

Equity

.......................................................................................

157‌

Sustainable

Advantage

International

Equity

...................................................................................

233‌

Tactical

Opportunities

..................................................................................................

53,174‌

Fund

Name

Institutional

Service

Investor

A

Investor

C

Class

K

Emerging

Markets

ex-China

...................................................

0.86‌%

N/A‌

1.11‌%

N/A‌

0.81‌%

Sustainable

Advantage

Emerging

Markets

Equity

.....................................

0.86‌

N/A‌

1.11‌

N/A‌

0.81‌

Sustainable

Advantage

Global

Equity

.............................................

0.71‌

N/A‌

0.96‌

N/A‌

0.66‌

Sustainable

Advantage

International

Equity

.........................................

0.50‌

N/A‌

0.75‌

N/A‌

0.45‌

Tactical

Opportunities

........................................................

0.89‌

1.17‌%

1.37‌

2.14‌%

0.84‌

Fund

Name

Fees

Waived

and/or

Reimbursed

by

the

Manager

Emerging

Markets

ex-China

...................................................................................................

$

419,121‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

330,223‌

Sustainable

Advantage

Global

Equity

.............................................................................................

395,848‌

Sustainable

Advantage

International

Equity

.........................................................................................

349,752‌

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

102

The

following

Funds

also

had

a

waiver

of

administration

fees,

which

are

included

in

Administration

fees

waived

in

the

Statements

of

Operations.

For

the period ended

April

30,

2024,

the

amounts

were as

follows:  

In

addition,

these

amounts

waived

and/or

reimbursed

by

the

Manager are

included

in administration

fees

waived

by

the

Manager

—

class

specific

and

transfer

agent

fees

waived

and/or

reimbursed

by

the

Manager

—

class

specific,

respectively,

in

the

Statements

of

Operations.

For

the

period ended

April

30,

2024,

class

specific

expense

waivers

and/or

reimbursements were

as

follows: 

With

respect

to

the

contractual

expense

limitation,

if

during

a

Fund’s

fiscal

year

the

operating

expenses

of

a

share

class,

that

at

any

time

during

the

prior

two

fiscal

years

received

a

waiver

and/or

reimbursement

from

the

Manager,

are

less

than

the

current

expense

limitation

for

that

share

class,

the

Manager

is

entitled

to

be

reimbursed

by

such

share

class

up

to

the

lesser

of:

(a)

the

amount

of

fees

waived

and/or

expenses

reimbursed

during

those

prior

two

fiscal

years

under

the

agreement

and

(b)

an

amount

not

to

exceed

either

the

current

expense

limitation

of

that

share

class

or

the

expense

limitation

of

the

share

class

in

effect

at

the

time

that

the

share

class

received

the

applicable

waiver

and/or

reimbursement,

provided

that:

(1)

each

Fund,

of

which

the

share

class

is

a

part,

has

more

than

$50

million

in

assets

for

the

fiscal

year,

and  

(2)

the

Manager

or

an

affiliate

continues

to

serve

as

a

Fund’s

investment

adviser

or

administrator.

This

repayment

applies

only

to

the

contractual

expense

limitation

on

net

expenses

and

does

not

apply

to

the

contractual

investment

advisory

fee

waiver

described

above

or

any

voluntary

waivers

that

may

be

in

effect

from

time

to

time.

Effective

March

30,

2030,

the

repayment

arrangement

between

Emerging

Markets

ex-China

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

Emerging

Markets

ex-China's

contractual

caps

on

net

expenses

will

be

terminated.

Effective

June

22,

2030,

the

repayment

arrangement

between

Sustainable

Advantage

Global

Equity

and

the

Manager

pursuant

to

which

such

Fund

may

be

required

to

repay

amounts

waived

and/or

reimbursed

under

Sustainable

Advantage

Global

Equity's

contractual

caps

on

net

expenses

will

be

terminated.

Fund

Name

Administration

Fees

Waived

Emerging

Markets

ex-China

...................................................................................................

$

3,528‌

Sustainable

Advantage

Emerging

Markets

Equity

.....................................................................................

4,355‌

Sustainable

Advantage

Global

Equity

.............................................................................................

3,858‌

Sustainable

Advantage

International

Equity

.........................................................................................

6,024‌

Fund

Name/Share

Class

Administration

Fees

Waived

by

the

Manager

-

Class

Specific

Transfer

Agent

Fees

Waived

and/or

Reimbursed

by

the

Manager

-

Class

Specific

Emerging

Markets

ex-China

Institutional

....................................................................................

$

21‌

$

280‌

Investor

A

.....................................................................................

25‌

315‌

Class

K

......................................................................................

1,094‌

363‌

$

1,140‌

$

958‌

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

....................................................................................

22‌

66‌

Investor

A

.....................................................................................

39‌

182‌

Class

K

......................................................................................

1,985‌

106‌

$

2,046‌

$

354‌

Sustainable

Advantage

Global

Equity

Institutional

....................................................................................

18‌

260‌

Investor

A

.....................................................................................

27‌

248‌

Class

K

......................................................................................

1,771‌

310‌

$

1,816‌

$

818‌

Sustainable

Advantage

International

Equity

Institutional

....................................................................................

37‌

72‌

Investor

A

.....................................................................................

54‌

331‌

Class

K

......................................................................................

2,742‌

116‌

$

2,833‌

$

519‌

Notes

to

Financial

Statements

(continued)

103

Notes

to

Financial

Statements

As

of April

30,

2024,

the

fund

level

and

class

specific

waivers

and/or

reimbursements

subject

to

possible

future

recoupment

under

the

expense

limitation

agreement were

as

follows:

Securities

Lending:

 The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BIM,

an

affiliate

of

the

Manager,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BIM

bears

all

operational

costs

directly

related

to

securities

lending.

The

Funds

are

responsible

for fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional,

managed

by

the

Manager

or

its

affiliates.

However,

BIM

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Funds

bear

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

redemption

fee,

distribution

fee

or

service

fee.

The

money

market

fund

in

which

the

cash

collateral

has

been

reinvested

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

of

the

value

redeemed,

if

such

fee,

is

determined

to

be

in

the

best

interests

of

such

money

market

fund.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral,

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits the

remaining

portion

to

BIM

as

compensation

for

its

services

as

securities

lending

agent.

Pursuant

to

the

current

securities

lending

agreement,

Tactical

Opportunities retains

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.  

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock

Multi-Asset Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Tactical

Opportunities,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

81%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

Pursuant

to

the

current

securities

lending

agreement,

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity retain

82%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

earned

across

the

BlackRock Multi-Asset

Complex

in

a

calendar

year

exceeds

a

specified

threshold,

Emerging

Markets

ex-China,

Sustainable

Advantage

Emerging

Markets

Equity,

Sustainable

Advantage

Global

Equity

and

Sustainable

Advantage

International

Equity,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

securities

lending

income

in

an

amount

equal

to

85%

of

securities

lending

income

(which

excludes

collateral

investment

expenses),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

expenses.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

—

affiliated

—

net

in

the Statements

of

Operations.

For

the period

ended

April

30,

2024, each

Fund

paid

BIM

the

following

amounts

for

securities

lending

agent

services: 

Interfund

Lending:

In

accordance

with

an

exemptive

order

(the

“Order”)

from

the

SEC, each

Fund

may

participate

in

a

joint

lending

and

borrowing

facility

for

temporary

purposes

(the

“Interfund

Lending

Program”),

subject

to

compliance

with

the

terms

and

conditions

of

the

Order,

and

to

the

extent

permitted

by each

Fund’s

investment

policies

and

restrictions. Each

Fund

is

currently

permitted

to

borrow

and

lend

and

Emerging

Markets

ex-China

is

currently

permitted

to

borrow

under

the

Interfund

Lending

Program. 

A

lending

BlackRock

fund

may

lend

in

aggregate

up

to

15%

of

its

net

assets

but

may

not

lend

more

than

5%

of

its

net

assets

to

any

one

borrowing

fund

through

the

Interfund

Lending

Program.

A

borrowing

BlackRock

fund

may

not

borrow

through

the

Interfund

Lending

Program

or

from

any

other

source

more

than

33

1/3%

of

its

total

assets

(or

any

lower

threshold

provided

for

by

the fund’s

investment

restrictions).

If

a

borrowing

BlackRock

fund’s

total

outstanding

borrowings

exceed

10%

of

its

total

assets,

each

of

its

outstanding

interfund

loans

will

be

subject

to

collateralization

of

at

least

102%

of

the

outstanding

principal

value

of

the

loan.

All

interfund

loans

are

for

temporary

or

emergency

purposes

and

the

interest

rate

to

be

charged

will

be

the

average

of

the

highest

current

overnight

repurchase

agreement

rate

available

to

a

lending

fund

and

the

bank

loan

rate,

as

calculated

according

to

a

formula

established

by

the

Board. 

During the

period

ended

April

30,

2024,

the

Funds

did

not

participate

in

the

Interfund

Lending

Program.

Expiring

April

30,

2025

2026

Emerging

Markets

ex-China

Fund

Level

......................................................................................

$

76,494‌

$

422,649‌

Institutional

......................................................................................

30‌

301‌

Investor

A

.......................................................................................

29‌

3

40‌

Class

K

.........................................................................................

118‌

1,457‌

Sustainable

Advantage

Global

Equity

Fund

Level

......................................................................................

—‌

399,70

6‌

Institutional

......................................................................................

—‌

278‌

Investor

A

.......................................................................................

—‌

27

5‌

Class

K

.........................................................................................

—‌

2,081‌

Fund

Name

Amounts

Sustainable

Advantage

Emerging

Markets

Equity

...................................................................................

$

33‌

Sustainable

Advantage

Global

Equity

...........................................................................................

2‌

Sustainable

Advantage

International

Equity

.......................................................................................

5‌

Tactical

Opportunities

......................................................................................................

40,594‌

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

104

Trustees

and

Officers: 

Certain

trustees

and/or

officers

of

the Trust are directors and/or

officers

of BlackRock

or

its

affiliates.

The

Funds

reimburse

the

Manager

for

a

portion

of

the

compensation

paid

to

the 

Trust’s

Chief

Compliance

Officer,

which

is

included

in

Trustees and

Officer

in

the

Statements

of

Operations. 

Other

Transactions:

The

Funds

may

purchase

securities

from,

or

sell

securities

to,

an

affiliated

fund

provided

the

affiliation

is

due

solely

to

having

a

common

investment

adviser,

common

officers,

or

common trustees.

For

the

period

ended

April

30,

2024,

the

purchase

and

sale

transactions

and

any

net

realized

gains

(losses)

with affiliated

funds

in

compliance

with

Rule

17a-7

under

the

1940

Act

were

as

follows:

7.

PURCHASES

AND

SALES 

For

the period ended

April

30,

2024,

purchases

and

sales

of

investments,

including

paydowns,

and

excluding

short-term

securities,

were

as

follows:

8.

INCOME

TAX

INFORMATION 

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required. 

Each Fund

files

U.S.

federal

and

various

state

and

local

tax

returns.

No

income

tax

returns

are

currently

under

examination.

The

statute

of

limitations

on

each

Fund’s

U.S.

federal

tax

returns

generally

remains

open

for

a

period

of

three

years

after

they

are

filed.

The

statutes

of

limitations

on

each

Fund’s

state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction. 

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the Funds

as

of

April

30,

2024,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

U.S.

GAAP

requires

that

certain

components

of

net

assets

be

adjusted

to

reflect

permanent

differences

between

financial

and

tax

reporting.

These

reclassifications

have

no

effect

on

net

assets

or NAVs

per

share.

As

of

period

end,

permanent

differences

attributable

to

non-deductible

expenses

and

distributions

paid

in

excess

of

taxable

income

were reclassified

to

the

following

accounts:

The

tax

character

of

distributions

paid

was

as

follows: 

Fund

Name

Purchases

Sales

Net

Realized

Gain

(Loss)

Tactical

Opportunities

...................................................................

$

50,751,649‌

$

111,501,901‌

$

13,469,809‌

Other

Securities

Fund

Name

Purchases

Sales

Emerging

Markets

ex-China

..............................................................................

$

53,498,212‌

$

4,529,392‌

Sustainable

Advantage

Emerging

Markets

Equity

................................................................

14,942,170‌

14,823,612‌

Sustainable

Advantage

Global

Equity

........................................................................

17,933,264‌

8,040,357‌

Sustainable

Advantage

International

Equity

....................................................................

13,975,525‌

12,343,225‌

Tactical

Opportunities

...................................................................................

1,572,403,213‌

1,620,239,686‌

Fund

Name

Paid-In

Capital

Accumulated

Earnings

(Loss)

Emerging

Markets

ex-China

...................................................................

$

(38,696‌)

$

38,696‌

Sustainable

Advantage

Global

Equity

.............................................................

(26,329‌)

26,329‌

Tactical

Opportunities

........................................................................

(14,879,528‌)

14,879,528‌

—‌

Fund

Name

Period

Ended

04/30/24

Year

Ended

04/30/23

Emerging

Markets

ex-China

Ordinary

income

...........................................................................................

$

298,621‌

$

—‌

Sustainable

Advantage

Emerging

Markets

Equity

Ordinary

income

...........................................................................................

$

242,898‌

$

256,483‌

Sustainable

Advantage

Global

Equity

Ordinary

income

...........................................................................................

$

87,437‌

$

—‌

Sustainable

Advantage

International

Equity

Ordinary

income

...........................................................................................

$

380,760‌

$

367,291‌

Tactical

Opportunities

Ordinary

income

...........................................................................................

$

162,740,087‌

$

45,247,973‌

Notes

to

Financial

Statements

(continued)

105

Notes

to

Financial

Statements

As

of

April

30,

2024,

the

tax

components

of

accumulated earnings

(loss) were

as

follows:  

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

difference

between

book-basis

and

tax-basis

net

unrealized

gains

(losses)

was

attributable

primarily

to

the

tax

deferral

of

losses

on

wash

sales

and

straddles,

the

realization

for

tax

purposes

of

unrealized

gains

(losses)

on

certain

futures

and

foreign

currency

exchange

contracts,

the

realization

for

tax

purposes

of

unrealized

gains

on

investments

in

passive

foreign

investment

companies,

the

timing

and

recognition

of

partnership

income,

the

accounting

for

swap

agreements

and

the

characterization

of

corporate

actions.

(c)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

During

the

year ended April

30,

2024,

the

Funds

listed

below

utilized

the

following

amounts

of

their

respective

capital

loss

carryforwards: 

As

of

April

30,

2024, gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows: 

9.

BANK

BORROWINGS 

The

Trust,

on

behalf

of

the

Funds,

along

with

certain

other

funds

managed

by

the

Manager

and

its

affiliates

(“Participating

Funds”), is

party

to

a

364-day,

$2.40

billion

credit

agreement

with

a

group

of

lenders.

Under

this

agreement,

the

Funds

may

borrow

to

fund

shareholder

redemptions.

Excluding

commitments

designated

for

certain

individual

funds,

the

Participating

Funds,

including

the

Funds,

can

borrow

up

to

an

aggregate

commitment

amount

of

$1.75

billion

at

any

time

outstanding,

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

agreement.

The

credit

agreement

has

the

following

terms:

a

fee

of

0.10%

per

annum

on

unused

commitment

amounts

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Overnight

Bank

Funding

Rate

(“OBFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.80%

per

annum,

(b)

the

Fed

Funds

rate

(but,

in

any

event,

not

less

than

0.00%)

in

effect

from

time

to

time

plus

0.80%

per

annum

on

amounts

borrowed

or

(c)

the

sum

of

(x)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

(but,

in

any

event,

not

less

than

0.00%)

on

the

date

the

loan

is

made

plus

0.10%

and

(y) 0.80%

per

annum.

The

agreement

expires

in

April

2025

unless

extended

or

renewed.

These

fees

were

allocated

among

such

funds

based

upon

portions

of

the

aggregate

commitment

available

to

them

and

relative

net

assets

of

Participating

Funds.

During

the

period ended

April

30,

2024,

the

Funds

did

not

borrow

under

the

credit

agreement.

10.

 PRINCIPAL

RISKS 

In

the

normal

course

of

business, the

Funds

invest

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

each

Fund

to

various

risks,

including

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

and

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which

each

Fund

is

subject. 

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

discretionary

liquidity

fees

under

certain

circumstances.  

Market

Risk:

Investments

in

the

securities

of

issuers

domiciled

in

countries

with

emerging

capital

markets

involve

certain

additional

risks

that

do

not

generally

apply

to

investments

in

securities

of

issuers

in

more

developed

capital

markets,

such

as

(i)

low

or

nonexistent

trading

volume,

resulting

in

a

lack

of

liquidity

and

increased

volatility

in

prices

for

such

securities;

(ii)

lack

of

reliable

settlement

procedures

and

significant

delays

in

registering

the

transfer

of

securities;

(iii) uncertain

national

policies

and

social,

political

and

economic

instability,

increasing

the

potential

for

expropriation

of

assets,

confiscatory

taxation,

high

rates

of

inflation

or

unfavorable

diplomatic

developments;

(iv)

lack

of

publicly

available

or

reliable

information

about

issuers

as

a

result

of

not

being

subject

to

the

same

degree

of

regulatory

requirements

and

accounting,

auditing

and

financial

reporting

standards;

and

(v)

possible

fluctuations

in

exchange

rates,

differing

legal

systems

and

the

existence

or

possible

imposition

of

exchange

controls,

custodial

restrictions

or

other

foreign

or

U.S.

governmental

laws

or

restrictions

applicable

to

such

investments.

Each

Fund

may

be

exposed

to

prepayment

risk,

which

is

the

risk

that

borrowers

may

exercise

their

option

to

prepay

principal

earlier

than

scheduled

during

periods

of

declining

interest

rates,

which

would

force

each

Fund

to

reinvest

in

lower

yielding

securities. Each

Fund

may

also

be

exposed

to

reinvestment

risk,

which

is

the

risk

that

Fund

Name

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Non-Expiring

Capital

Loss

Carryforwards

(a)

Net

Unrealized

Gains

(Losses)

(b)

Qualified

Late-Year

Ordinary

Losses

(c)

Total

Emerging

Markets

ex-China

.................

$

592,150‌

$

28,072‌

$

—‌

$

(1,094,606‌)

$

—‌

$

(474,384‌)

Sustainable

Advantage

Emerging

Markets

Equity

...

68,975‌

—‌

(2,007,789‌)

220,500‌

—‌

(1,718,314‌)

Sustainable

Advantage

Global

Equity

...........

332,785‌

16,021‌

—‌

1,089,440‌

—‌

1,438,246‌

Sustainable

Advantage

International

Equity

.......

211,327‌

—‌

(730,406‌)

1,946,943‌

—‌

1,427,864‌

Tactical

Opportunities

......................

—‌

—‌

(36,043,433‌)

189,195,987‌

(113,719,863‌)

39,432,691‌

Fund

Name

Amount

Utilized

Sustainable

Advantage

International

Equity

...................................................................................

$

319,132‌

Fund

Name

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Markets

ex-China

..........................................

$

56,046,571‌

$

1,310,255‌

$

(2,353,909‌)

$

(1,043,654‌)

Sustainable

Advantage

Emerging

Markets

Equity

............................

10,537,303‌

1,100,635‌

(850,816‌)

249,819‌

Sustainable

Advantage

Global

Equity

....................................

10,395,118‌

1,397,466‌

(307,361‌)

1,090,105‌

Sustainable

Advantage

International

Equity

................................

13,737,289‌

2,436,439‌

(487,670‌)

1,948,769‌

Tactical

Opportunities

..............................................

1,191,817,680‌

397,522,028‌

(121,723,518‌)

275,798,510‌

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

106

income

from

each

Fund’s

portfolio

will

decline

if

each

Fund

invests

the

proceeds

from

matured,

traded

or

called

fixed-income

securities

at

market

interest

rates

that

are

below

each

Fund

portfolio’s

current

earnings

rate.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which a

Fund

invests. 

The

price a

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from a

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore a

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by a

Fund,

and a

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers. 

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

the

Manager

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds. 

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures

and

centrally

cleared

swaps,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in exchange-traded

futures

and

centrally

cleared

swaps

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds. 

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each Fund’s

portfolio

are

disclosed

in

its Schedule

of

Investments.

Certain

Funds

invest

a

significant

portion

of their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedules

of

Investments.

Certain Funds invest

a

substantial

amount

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When a

fund

concentrates its investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

those

countries

may

have

a

significant

impact

on

their

investment

performance

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

Investment

percentages

in

specific

countries

are

presented

in

the

Schedules

of

Investments. 

The

Funds invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Funds

invest. 

Certain

Funds

invest a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Notes

to

Financial

Statements

(continued)

107

Notes

to

Financial

Statements

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching.

In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but

have

been,

and

may

continue

to

be,

significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

The

Asian

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments. 

Certain Funds

invest

a

significant

portion

of their

assets

in

securities

of

issuers

located

in

China

or

with

significant

exposure

to

Chinese

issuers. Investments

in

Chinese

securities,

including

certain

Hong

Kong-listed

securities,

involve

risks

specific

to

China.

China

may

be

subject

to

considerable

degrees

of

economic,

political

and

social

instability

and

demonstrates

significantly

higher

volatility

from

time

to

time

in

comparison

to

developed

markets.

Chinese

markets

generally

continue

to

experience

inefficiency,

volatility

and

pricing

anomalies

resulting

from

governmental

influence,

a

lack

of

publicly

available

information

and/or

political

and

social

instability.

Internal

social

unrest

or

confrontations

with

other

neighboring

countries

may

disrupt

economic

development

in

China

and

result

in

a

greater

risk

of

currency

fluctuations,

currency

non-convertibility,

interest

rate

fluctuations

and

higher

rates

of

inflation.

Incidents

involving

China’s

or

the

region’s

security

may

cause

uncertainty

in

Chinese

markets

and

may

adversely

affect

the

Chinese

economy

and

the

Fund’s

investments.

Reduction

in

spending

on

Chinese

products

and

services,

supply

chain

diversification,

institution

of

tariffs,

sanctions

or

other

trade

barriers,

or

a

downturn

in

any

of

the

economies

of

China’s

key

trading

partners

may

have

an

adverse

impact

on

the

Chinese

economy. In

addition,

measures

may

be

taken

to

limit

the

flow

of

capital

and/or

sanctions

may

be

imposed,

which

could

prohibit

or

restrict

the

ability

to

own

or

transfer

fund

assets

and

may

also

include

retaliatory

actions,

such

as

seizure

of

fund

assets.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

CAPITAL

SHARE

TRANSACTIONS 

Transactions

in

capital

shares

for

each

class

were

as

follows:

d

Year

Ended

04/30/24

Period

from

03/29/23

(a)

to

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Emerging

Markets

ex-China

Institutional

Shares

sold

..........................................

4,237,618‌

$

50,003,645‌

10,001‌

$

100,010‌

Shares

issued

in

reinvestment

of

distributions

.....................

546‌

5,923‌

—‌

—‌

Shares

redeemed

......................................

(329‌)

(3,609‌)

(1‌)

(10‌)

4,237,835‌

$

50,005,959‌

10,000‌

$

100,000‌

Investor

A

Shares

sold

..........................................

2,184‌

$

24,298‌

10,001‌

$

100,010‌

Shares

issued

in

reinvestment

of

distributions

.....................

591‌

6,409‌

—‌

—‌

Shares

redeemed

......................................

(1,476‌)

(16,610‌)

(1‌)

(10‌)

1,299‌

$

14,097‌

10,000‌

$

100,000‌

Class

K

Shares

sold

..........................................

—‌

$

—‌

480,001‌

$

4,800,010‌

Shares

issued

in

reinvestment

of

distributions

.....................

26,410‌

286,289‌

—‌

—‌

Shares

redeemed

......................................

—‌

—‌

(1‌)

(10‌)

26,410‌

$

286,289‌

480,000‌

$

4,800,000‌

4,265,544‌

$

50,306,345‌

500,000‌

$

5,000,000‌

d

Year

Ended

04/30/24

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Sustainable

Advantage

Emerging

Markets

Equity

Institutional

Shares

sold

..........................................

14,253‌

$

117,635‌

803‌

$

6,485‌

Shares

issued

in

reinvestment

of

distributions

.....................

28‌

229‌

65‌

523‌

Shares

redeemed

......................................

(767‌)

(6,034‌)

(1,600‌)

(12,520‌)

13,514‌

$

111,830‌

(732‌)

$

(5,512‌)

Notes

to

Financial

Statements

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

108

d

Year

Ended

04/30/24

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Investor

A

Shares

sold

..........................................

1,129‌

$

9,694‌

9,306‌

$

77,173‌

Shares

issued

in

reinvestment

of

distributions

.....................

285‌

2,309‌

307‌

2,459‌

Shares

redeemed

......................................

(5,024‌)

(41,699‌)

(727‌)

(6,043‌)

(3,610‌)

$

(29,696‌)

8,886‌

$

73,589‌

Class

K

Shares

sold

..........................................

53,401‌

$

437,194‌

143,621‌

$

1,123,622‌

Shares

issued

in

reinvestment

of

distributions

.....................

2,876‌

23,335‌

1,776‌

14,227‌

Shares

redeemed

......................................

(62,494‌)

(506,615‌)

(18,036‌)

(147,957‌)

(6,217‌)

$

(46,086‌)

127,361‌

$

989,892‌

3,687‌

$

36,048‌

135,515‌

$

1,057,969‌

d

Period

from

06/21/23

(a)

to

04/30/24

Fund

Name/Share

Class

Shares

Amount

Sustainable

Advantage

Global

Equity

Institutional

Shares

sold

...........................................................................

10,162‌

$

101,800‌

10,162‌

$

101,800‌

Investor

A

Shares

sold

...........................................................................

19,807‌

$

203,109‌

Shares

issued

in

reinvestment

of

distributions

......................................................

36‌

378‌

Shares

redeemed

.......................................................................

(1,099‌)

(12,624‌)

18,744‌

$

190,863‌

Class

K

Shares

sold

...........................................................................

980,000‌

$

9,800,000‌

980,000‌

$

9,800,000‌

1,008,906‌

$

10,092,663‌

d

Year

Ended

04/30/24

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Sustainable

Advantage

International

Equity

Institutional

Shares

sold

..........................................

578‌

$

6,246‌

130‌

$

1,200‌

Shares

issued

in

reinvestment

of

distributions

.....................

192‌

2,005‌

229‌

2,082‌

Shares

redeemed

......................................

(996‌)

(11,133‌)

—‌

—‌

(226‌)

$

(2,882‌)

359‌

$

3,282‌

Investor

A

Shares

sold

..........................................

1,977‌

$

21,741‌

4,505‌

$

43,740‌

Shares

issued

in

reinvestment

of

distributions

.....................

347‌

3,639‌

294‌

2,676‌

Shares

redeemed

......................................

(1,586‌)

(17,077‌)

(490‌)

(4,451‌)

738‌

$

8,303‌

4,309‌

$

41,965‌

Class

K

Shares

sold

..........................................

257,013‌

$

2,712,340‌

153,885‌

$

1,477,858‌

Shares

issued

in

reinvestment

of

distributions

.....................

4,855‌

50,788‌

688‌

6,428‌

Shares

redeemed

......................................

(106,661‌)

(1,129,846‌)

(70,715‌)

(687,781‌)

155,207‌

$

1,633,282‌

83,858‌

$

796,505‌

155,719‌

$

1,638,703‌

88,526‌

$

841,752‌

Year

Ended

04/30/24

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Tactical

Opportunities

Institutional

Shares

sold

..........................................

51,047,388‌

$

721,103,598‌

40,236,146‌

$

568,757,943‌

Shares

issued

in

reinvestment

of

distributions

.....................

6,807,607‌

92,812,966‌

1,683,135‌

23,967,839‌

Shares

redeemed

......................................

(35,440,679‌)

(500,994,297‌)

(23,557,103‌)

(333,506,609‌)

22,414,316‌

$

312,922,267‌

18,362,178‌

$

259,219,173‌

Notes

to

Financial

Statements

(continued)

109

Notes

to

Financial

Statements

(a)

Commencement

of

operations.

As

of

April

30,

2024,

shares

owned

by

BlackRock

Financial

Management,

Inc.,

an

affiliate

of

the

Funds,

were

as

follows:

12.

SUBSEQUENT

EVENTS

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Year

Ended

04/30/24

Year

Ended

04/30/23

Fund

Name/Share

Class

Shares

Amount

Shares

Amount

Service

Shares

sold

..........................................

49,087‌

$

690,610‌

49,972‌

$

707,676‌

Shares

issued

in

reinvestment

of

distributions

.....................

9,658‌

129,951‌

2,666‌

37,621‌

Shares

redeemed

......................................

(21,380‌)

(299,252‌)

(47,214‌)

(656,407‌)

37,365‌

$

521,309‌

5,424‌

$

88,890‌

Investor

A

Shares

sold

and

automatic

conversion

of

shares

....................

800,016‌

$

11,194,310‌

1,462,693‌

$

20,513,292‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,443,647‌

19,461,095‌

435,362‌

6,129,901‌

Shares

redeemed

......................................

(2,503,639‌)

(35,049,284‌)

(1,856,561‌)

(25,990,685‌)

(259,976‌)

$

(4,393,879‌)

41,494‌

$

652,508‌

Investor

C

Shares

sold

..........................................

118,340‌

$

1,597,374‌

239,082‌

$

3,230,962‌

Shares

issued

in

reinvestment

of

distributions

.....................

69,329‌

902,134‌

20,187‌

274,938‌

Shares

redeemed

and

automatic

conversion

of

shares

...............

(240,031‌)

(3,250,247‌)

(110,841‌)

(1,499,100‌)

(52,362‌)

$

(750,739‌)

148,428‌

$

2,006,800‌

Class

K

Shares

sold

..........................................

3,575,140‌

$

50,290,070‌

7,189,864‌

$

102,210,770‌

Shares

issued

in

reinvestment

of

distributions

.....................

1,161,761‌

15,842,177‌

420,847‌

5,988,651‌

Shares

redeemed

......................................

(7,251,413‌)

(103,586,996‌)

(39,564,360‌)

(562,893,616‌)

(2,514,512‌)

$

(37,454,749‌)

(31,953,649‌)

$

(454,694,195‌)

19,624,831‌

$

270,844,209‌

(13,396,125‌)

$

(192,726,824‌)

Institutional

Investor

A

Class

K

Emerging

Markets

ex-China

..........................................................................

4,247,835‌

10,52

9‌

506,410‌

Sustainable

Advantage

Emerging

Markets

Equity

............................................................

11,079‌

11,055‌

1,086,167‌

Sustainable

Advantage

Global

Equity

....................................................................

10,000‌

10,000‌

980,000‌

Sustainable

Advantage

International

Equity

................................................................

11,387‌

11,365‌

1,116,348‌

Tactical

Opportunities

...............................................................................

—‌

—‌

211,736‌

Report

of

Independent

Registered

Public

Accounting

Firm

2024

BlackRock

Annual

Report

to

Shareholders

110

To

the

Shareholders

of

BlackRock

Emerging

Markets

ex-China

Fund,

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund,

BlackRock

Sustainable

Advantage

Global

Equity

Fund,

BlackRock

Sustainable

Advantage

International

Equity

Fund,

BlackRock

Tactical

Opportunities

Fund,

and

the

Board

of

Trustees

of

BlackRock

Funds

SM

:

Opinion

on

the

Financial

Statements

and

Financial

Highlights

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

BlackRock

Emerging

Markets

ex-China

Fund,

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund,

BlackRock

Sustainable

Advantage

Global

Equity

Fund,

BlackRock

Sustainable

Advantage

International

Equity

Fund,

and

BlackRock

Tactical

Opportunities

Fund

of

BlackRock

Funds

SM

(the

“Funds”),

including

the

schedules

of

investments,

as

of

April

30,

2024,

the

related

statements

of

operations,

statements

of

changes

in

net

assets,

and

the

financial

highlights

for

the

periods

indicated

in

the

table

below,

and

the

related

notes.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

April

30,

2024,

and

the

results

of

their

operations,

the

changes

in

their

net

assets,

and

the

financial

highlights

for

the

periods

indicated

in

the

table

below,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

their

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

Our

procedures

included

confirmation

of

securities

owned

as

of

April

30,

2024,

by

correspondence

with

custodians

or

counterparties;

when

replies

were

not

received,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Deloitte

&

Touche

LLP

Boston,

Massachusetts

June

24,

2024

We

have

served

as

the

auditor

of

one

or

more

BlackRock

investment

companies

since

1992.

Fund

Statements

of

Operations

Statements

of

Changes

in

Net

Assets

Financial

Highlights

BlackRock

Emerging

Markets

ex-China

Fund

For

the

year

ended

April

30,

2024

For

the

year

ended

April

30,

2024

and

for

the

period

from

March

29,

2023

(commencement

of

operations)

through

April

30,

2023

For

the

year

ended

April

30,

2024

and

for

the

period

from

March

29,

2023

(commencement

of

operations)

through

April

30,

2023

BlackRock

Sustainable

Advantage

Global

Equity

Fund

For

the

period

from

June

21,

2023

(commencement

of

operations)

through

April

30,

2024

For

the

period

from

June

21,

2023

(commencement

of

operations)

through

April

30,

2024

For

the

period

from

June

21,

2023

(commencement

of

operations)

through

April

30,

2024

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund

and

BlackRock

Sustainable

Advantage

International

Equity

Fund

For

the

year

ended

April

30,

2024

For

each

of

the

two

years

in

the

period

ended

April

30,

2024

For

each

of

the

three

years

in

the

period

ended

April

30,

2024

and

for

the

period

from

August

18,

2020

(commencement

of

operations)

through

April

30,

2021

BlackRock

Tactical

Opportunities

Fund

For

the

year

ended

April

30,

2024

For

each

of

the

two

years

in

the

period

ended

April

30,

2024

For

each

of

the

four

years

in

the

period

ended

April

30,

2024,

for

the

period

from

October

1,

2019

through

April

30,

2020,

and

for

the

year

ended

September

30,

2019

Important

Tax

Information

(unaudited)

111

Important

Tax

Information

The

following

amounts,

or maximum

amounts

allowable

by

law, are

hereby

designated

as

qualified

dividend

income

for

individuals

for

the

fiscal

period

ended

April

30,

2024:

The

Funds

intend

to

pass

through

to

their

shareholders

the

following

amounts,

or

maximum

amounts

allowable

by

law,

of

foreign

source

income

earned

and

foreign

taxes

paid for

the

fiscal

period

ended

April

30,

2024:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

of

distributions

from

direct

federal

obligation

interest

for

the

fiscal

period

ended

April

30,

2024:

The

law

varies

in

each

state

as

to

whether

and

what

percent

of

ordinary

income

dividends

attributable

to

federal

obligations

is

exempt

from

state

income

tax.

Shareholders

are

advised

to

check

with

their

tax

advisers

to

determine

if

any

portion

of

the

dividends

received

is

exempt

from

state

income

tax.

The

following

percentages,

or

maximum

percentages

allowable

by

law,

of

ordinary

income

distributions

paid

during

the

fiscal

period

ended

April

30,

2024

qualified

for

the

dividends-received

deduction

for

corporate

shareholders:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable by

law,

as

interest

income

eligible

to

be

treated

as

a

Section

163(j)

interest

dividend

for

the

fiscal

period

ended

April

30,

2024:

The

Funds

hereby

designate

the

following

amounts,

or

maximum

amounts

allowable

by

law,

as

interest-related

dividends

and

qualified

short-term

capital

gains eligible

for

exemption

from

U.S.

withholding

tax

for

nonresident

aliens

and

foreign

corporations

for

the

fiscal

period

ended

April

30,

2024:

Fund

Name

Qualified

Dividend

Income

Emerging

Markets

ex-China

...........................................................................................

$

237,721‌

Sustainable

Advantage

Emerging

Markets

Equity

.............................................................................

178,497‌

Sustainable

Advantage

Global

Equity

.....................................................................................

148,550‌

Sustainable

Advantage

International

Equity

.................................................................................

409,245‌

Tactical

Opportunities

................................................................................................

9,080,879‌

Fund

Name

Foreign

Source

Income

Earned

Foreign

Taxes

Paid

Emerging

Markets

ex-China

........................................................................

$

267,764‌

$

23,358‌

Sustainable

Advantage

Emerging

Markets

Equity

..........................................................

235,931‌

44,093‌

Sustainable

Advantage

International

Equity

..............................................................

391,201‌

42,041‌

Fund

Name

Federal

Obligation

Interest

Emerging

Markets

ex-China

...........................................................................................

$

7,103‌

Sustainable

Advantage

Emerging

Markets

Equity

.............................................................................

1,694‌

Sustainable

Advantage

Global

Equity

.....................................................................................

1,398‌

Sustainable

Advantage

International

Equity

.................................................................................

2,205‌

Tactical

Opportunities

................................................................................................

11,492,315‌

Fund

Name

Dividends-Received

Deduction

Emerging

Markets

ex-China

...........................................................................................

0.37‌

%

Sustainable

Advantage

Emerging

Markets

Equity

.............................................................................

0.16‌

Sustainable

Advantage

Global

Equity

.....................................................................................

16.72‌

Tactical

Opportunities

................................................................................................

1.66‌

Fund

Name

Interest

Dividends

Emerging

Markets

ex-China

...........................................................................................

$

41,662‌

Sustainable

Advantage

Emerging

Markets

Equity

.............................................................................

10,979‌

Sustainable

Advantage

Global

Equity

.....................................................................................

8,921‌

Sustainable

Advantage

International

Equity

.................................................................................

14,156‌

Tactical

Opportunities

................................................................................................

20,280,407‌

Fund

Name

Interest-Related

Dividends

Qualified

Short-Term

Capital

Gains

Emerging

Markets

ex-China

........................................................................

$

45,299‌

$

180,092‌

Sustainable

Advantage

Global

Equity

..................................................................

8,921‌

—‌

Tactical

Opportunities

.............................................................................

18,809,134‌

—‌

Statement

Regarding

Liquidity

Risk

Management

Program

2024

BlackRock

Annual

Report

to

Shareholders

112

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

BlackRock

Funds

SM

(the

“Trust”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”)

for

BlackRock

Emerging

Markets

ex-China

Fund,

BlackRock

Sustainable

Advantage

Emerging

Markets

Equity

Fund,

BlackRock

Sustainable

Advantage

Global

Equity

Fund,

BlackRock

Sustainable

Advantage

International

Equity

Fund

and

BlackRock

Tactical

Opportunities

Fund

(the

“Funds”),

each

a

series

of

the

Trust,

which

is

reasonably

designed

to

assess

and

manage

each

Fund’s

liquidity

risk.

The

Board

of

Trustees

(the

“Board”)

of

the

Trust,

on

behalf

of

the

Funds,

met

on

November

16-17,

2023

(the

“Meeting”)

to

review

the

Program.

The

Board

previously

appointed

BlackRock

Advisors,

LLC

or

BlackRock

Fund

Advisors

(“BlackRock”),

each

an

investment

adviser

to

certain

BlackRock

funds,

as

the

program

administrator

for

each

Fund’s

Program,

as

applicable.

BlackRock

also

previously

delegated

oversight

of

the

Program

to

the

40

Act

Liquidity

Risk

Management

Committee

(the

“Committee”).

At

the

Meeting,

the

Committee,

on

behalf

of

BlackRock,

provided

the

Board

with

a

report

that

addressed

the

operation

of

the

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

the

management

of

each

Fund’s

Highly

Liquid

Investment

Minimum

(“HLIM”)

where

applicable,

and

any

material

changes

to

the

Program

(the

“Report”).

The

Report

covered

the

period

from

October

1,

2022

through

September

30,

2023

(the

“Program

Reporting

Period”).

The

Report

described

the

Program’s

liquidity

classification

methodology

for

categorizing

each

Fund’s

investments

(including

derivative

transactions)

into

one

of

four

liquidity

buckets.

It

also

referenced

the

methodology

used

by

BlackRock

to

establish

each

Fund’s

HLIM

and

noted

that

the

Committee

reviews

and

ratifies

the

HLIM

assigned

to

each

Fund

no

less

frequently

than

annually.

The

Report

also

discussed

notable

events

affecting

liquidity

over

the

Program

Reporting

Period,

including

the

imposition

of

capital

controls

in

certain

countries.

The

Report

noted

that

the

Program

complied

with

the

key

factors

for

consideration

under

the

Liquidity

Rule

for

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

as

follows:

a)

The

Fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

whether

each

Fund’s

strategy

is

appropriate

for

an

open-end

fund

structure

with

a

focus

on

funds

with

more

significant

and

consistent

holdings

of

less

liquid

and

illiquid

assets.

The

Committee

also

factored

a

fund’s

concentration

in

an

issuer

into

the

liquidity

classification

methodology

by

taking

issuer

position

sizes

into

account.

Where

a

fund

participated

in

borrowings

for

investment

purposes

(such

as

tender

option

bonds

or

reverse

repurchase

agreements),

such

borrowings

were

factored

into

the

Program’s

calculation

of

a

fund’s

liquidity

bucketing.

A

fund’s

derivative

exposure

was

also

considered

in

such

calculation.

b)

Short-term

and

long-term

cash

flow

projections

during

both

normal

and

reasonably

foreseeable

stressed

conditions

.

During

the

Program

Reporting

Period,

the

Committee

reviewed

historical

redemption

activity

and

used

this

information

as

a

component

to

establish

each

Fund’s

reasonably

anticipated

trading

size

utilized

for

liquidity

classifications.

Each

Fund

has

adopted

an

in-kind

redemption

policy

which

may

be

utilized

to

meet

larger

redemption

requests.

The

Committee

may

also

take

into

consideration

a

fund’s

shareholder

ownership

concentration

(which,

depending

on

product

type

and

distribution

channel,

may

or

may

not

be

available),

a

fund’s

distribution

channels,

and

the

degree

of

certainty

associated

with

a

fund’s

short-term

and

long-term

cash

flow

projections.

c)

Holdings

of

cash

and

cash

equivalents,

as

well

as

borrowing

arrangements

.

The

Committee

considered

the

terms

of

the

credit

facility

committed

to

each

Fund,

the

financial

health

of

the

institution

providing

the

facility

and

the

fact

that

the

credit

facility

is

shared

among

multiple

funds

(including

that

a

portion

of

the

aggregate

commitment

amount

is

specifically

designated

for

BlackRock

Floating

Rate

Income

Portfolio,

a

series

of

BlackRock

Funds

V,

and

BlackRock

Floating

Rate

Loan

ETF,

a

series

of

BlackRock

ETF

Trust

II).

The

Committee

also

considered

other

types

of

borrowing

available

to

the

funds,

such

as

the

ability

to

use

reverse

repurchase

agreements

and

interfund

lending,

as

applicable.

There

were

no

material

changes

to

the

Program

during

the

Program

Reporting

Period

other

than

the

enhancement

of

certain

model

components

in

the

Program’s

classification

methodology.

The

Report

provided

to

the

Board

stated

that

the

Committee

concluded

that

based

on

the

operation

of

the

functions,

as

described

in

the

Report,

the

Program

is

operating

as

intended

and

is

effective

in

implementing

the

requirements

of

the

Liquidity

Rule.

Trustee

and

Officer

Information

113

Trustee

and

Officer

Information

Independent

Trustees

(a)

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Mark

Stalnecker

1951

Chair

of

the

Board

(Since

2019)

and

Trustee

(Since

2015)

Chief

Investment

Officer,

University

of

Delaware

from

1999

to

2013;

Trustee

and

Chair

of

the

Finance

and

Investment

Committees,

Winterthur

Museum

and

Country

Estate

from

2005

to

2016;

Member

of

the

Investment

Committee,

Delaware

Public

Employees’

Retirement

System

since

2002;

Member

of

the

Investment

Committee,

Christiana

Care

Health

System

from

2009

to

2017;

Member

of

the

Investment

Committee,

Delaware

Community

Foundation

from

2013

to

2014;

Director

and

Chair

of

the

Audit

Committee,

SEI

Private

Trust

Co.

from

2001

to

2014.

28

RICs

consisting

of

164

Portfolios

None

Susan

J.

Carter

1956

Trustee

(Since

2016)

Trustee,

Financial

Accounting

Foundation

from

2017

to

2021;

Advisory

Board

Member,

Center

for

Private

Equity

and

Entrepreneurship

at

Tuck

School

of

Business

from

1997

to

2021;

Director,

Pacific

Pension

Institute

from

2014

to

2018;

Senior

Advisor,

Commonfund

Capital,

Inc.

(“CCI”)

(investment

adviser)

in

2015;

Chief

Executive

Officer,

CCI

from

2013

to

2014;

President

&

Chief

Executive

Officer,

CCI

from

1997

to

2013;

Advisory

Board

Member,

Girls

Who

Invest

from

2015

to

2018

and

Board

Member

thereof

from

2018

to

2022;

Advisory

Board

Member,

Bridges

Fund

Management

from

2016

to

2018;

Practitioner

Advisory

Board

Member,

Private

Capital

Research

Institute

("PCRI")

since

2017;

Lecturer

in

the

Practice

of

Management,

Yale

School

of

Management

since

2019;

Advisor

to

Finance

Committee,

Altman

Foundation

since

2020;

Investment

Committee

Member,

Tostan

since

2021.;

Member

of

the

President's

Counsel,

Commonfund

since

2023.

28

RICs

consisting

of

164

Portfolios

None

Collette

Chilton

1958

Trustee

(Since

2015)

Senior

advisor,

Insignia

since

2024;

Chief

Investment

Officer,

Williams

College

from

2006

to

2023;

Chief

Investment

Officer,

Lucent

Asset

Management

Corporation

from

1998

to

2006;

Director,

Boys

and

Girls

Club

of

Boston

since

2017;

Director,

B1

Capital

since

2018;

Director,

David

and

Lucile

Packard

Foundation

since

2020.

28

RICs

consisting

of

164

Portfolios

None

Neil

A.

Cotty

1954

Trustee

(Since

2016)

Bank

of

America

Corporation

from

1996

to

2015,

serving

in

various

senior

finance

leadership

roles,

including

Chief

Accounting

Officer

from

2009

to

2015,

Chief

Financial

Officer

of

Global

Banking,

Markets

and

Wealth

Management

from

2008

to

2009,

Chief

Accounting

Officer

from

2004

to

2008,

Chief

Financial

Officer

of

Consumer

Bank

from

2003

to

2004,

Chief

Financial

Officer

of

Global

Corporate

Investment

Bank

from

1999

to

2002.

28

RICs

consisting

of

164

Portfolios

None

Lena

G.

Goldberg

1949

Trustee

(Since

2019)

Director,

Pioneer

Public

Interest

Law

Center

since

2023;

Director,

Charles

Stark

Draper

Laboratory,

Inc.

from

2013

to

2021;

Senior

Lecturer,

Harvard

Business

School

from

2008

to

2021;

FMR

LLC/Fidelity

Investments

(financial

services)

from

1996

to

2008,

serving

in

various

senior

roles

including

Executive

Vice

President

-

Strategic

Corporate

Initiatives

and

Executive

Vice

President

and

General

Counsel;

Partner,

Sullivan

&

Worcester

LLP

from

1985

to

1996

and

Associate

thereof

from

1979

to

1985.

28

RICs

consisting

of

164

Portfolios

None

Henry

R.

Keizer

1956

Trustee

(Since

2019)

Director,

Park

Indemnity

Ltd.

(captive

insurer)

from

2010

to

2022.

28

RICs

consisting

of

164

Portfolios

GrafTech

International

Ltd.

(materials

manufacturing);

Sealed

Air

Corp.

(packaging);

WABCO

(commercial

vehicle

safety

systems)

from

2015

to

2020;

Hertz

Global

Holdings

(car

rental)

from

2015

to

2021.

Cynthia

A.

Montgomery

1952

Trustee

(Since

2007)

Professor,

Harvard

Business

School

since

1989.

28

RICs

consisting

of

164

Portfolios

None

Trustee

and

Officer

Information

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

114

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Donald

C.

Opatrny

1952

Trustee

(Since

2019)

Chair

of

the

Board

of

Phoenix

Art

Museum

since

2022

and

Trustee

thereof

since

2018;

Chair

of

the

Investment

Committee

of

The

Arizona

Community

Foundation

since

2022

and

Trustee

thereof

since

2020;

Director,

Athena

Capital

Advisors

LLC

(investment

management

firm)

from

2013

to

2020;

Trustee,

Vice

Chair,

Member

of

the

Executive

Committee

and

Chair

of

the

Investment

Committee,

Cornell

University

from

2004

to

2019;

Member

of

Affordable

Housing

Supply

Board

of

Jackson,

Wyoming

from

2017

to

2022;

Member,

Investment

Funds

Committee,

State

of

Wyoming

from

2017

to

2023;

Trustee,

Artstor

(a

Mellon

Foundation

affiliate)

from

2010

to

2015;

Member

of

the

Investment

Committee,

Mellon

Foundation

from

2009

to

2015;

President,

Trustee

and

Member

of

the

Investment

Committee,

The

Aldrich

Contemporary

Art

Museum

from

2007

to

2014;

Trustee

and

Chair

of

the

Investment

Committee,

Community

Foundation

of

Jackson

Hole

since

2014.

28

RICs

consisting

of

164

Portfolios

None

Kenneth

L.

Urish

1951

Trustee

(Since

2007)

Managing

Partner,

Urish

Popeck

&

Co.,

LLC

(certified

public

accountants

and

consultants)

since

1976;

Past-Chairman

of

the

Professional

Ethics

Committee

of

the

Pennsylvania

Institute

of

Certified

Public

Accountants

and

Committee

Member

thereof

since

2007;

Member

of

External

Advisory

Board,

The

Pennsylvania

State

University

Accounting

Department

since

2001,

Emeritus

since

2022;

Principal,

UP

Strategic

Wealth

Investment

Advisors,

LLC

since

2013;

Trustee,

The

Holy

Family

Institute

from

2001

to

2010;

President

and

Trustee,

Pittsburgh

Catholic

Publishing

Associates

from

2003

to

2008;

Director,

Inter-

Tel

from

2006

to

2007;

Member,

Advisory

Board,

ESG

Competent

Boards

since

2020.

28

RICs

consisting

of

164

Portfolios

None

Claire

A.

Walton

1957

Trustee

(Since

2016)

Advisory

Board

Member,

Grossman

School

of

Business

at

the

University

of

Vermont

since

2023;

Advisory

Board

Member,

Scientific

Financial

Systems

since

2022;

General

Partner

of

Neon

Liberty

Capital

Management,

LLC

from

2003

to

2023

Chief

Operating

Officer

and

Chief

Financial

Officer

of

Liberty

Square

Asset

Management,

LP

from

1998

to

2015;

Director,

Boston

Hedge

Fund

Group

from

2009

to

2018;

Director,

Massachusetts

Council

on

Economic

Education

from

2013

to

2015;

Director,

Woodstock

Ski

Runners

from

2013

to

2022.

28

RICs

consisting

of

164

Portfolios

None

Independent

Trustees

(a)

(continued)

Trustee

and

Officer

Information

(continued)

115

Trustee

and

Officer

Information

Interested

Trustees

(a)(d)

(a)

The

address

of

each

Trustee

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Independent

Trustees

serve

until

their

resignation,

retirement,

removal

or

death,

or

until

December

31

of

the

year

in

which

they

turn

75.

The

Board

may

determine

to

extend

the

terms

of

Independent

Trustees

on

a

case-by-case

basis,

as

appropriate.

(c)

Following

the

combination

of

Merrill

Lynch

Investment

Managers,

L.P.

("MLIM")

and

BlackRock,

Inc.

in

September

2006,

the

various

legacy

MLIM

and

legacy

BlackRock

fund

boards

were

realigned

and

consolidated

into

three

new

fund

boards

in

2007.

Furthermore,

effective

January

1,

2019,

three

BlackRock

Fund

Complexes

were

realigned

and

consolidated

into

two

BlackRock

Fund

Complexes.

As

a

result,

although

the

chart

shows

the

year

that

each

Independent

Trustee

joined

the

Board,

certain

Independent

Trustees

first

became

members

of

the

boards

of

other

BlackRock-advised

Funds,

legacy

MLIM

funds

or

legacy

BlackRock

funds

as

follows:

Cynthia

A.

Montgomery,

1994;

Kenneth

L.

Urish,

1999;

Lena

G.

Goldberg,

2016;

Henry

R.

Keizer,

2016;

Donald

C.

Opatrny,

2015.

(d)

Mr.

Fairbairn

and

Mr.

Perlowski

are

both

“interested

persons,”

as

defined

in

the

1940

Act,

of

the

Trust

based

on

their

positions

with

BlackRock,

Inc.

and

its

affiliates.

Mr.

Fairbairn

and

Mr.

Perlowski

are

also

board

members

of

the

BlackRock

Fixed-Income

Complex.

(e)

Mr.

Perlowski

is

also

a

trustee

of

the

BlackRock

Credit

Strategies

Fund

and

BlackRock

Private

Investments

Fund.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

(c)

Principal

Occupation(s)

During

Past

5

Years

Number

of

BlackRock-Advised

Registered

Investment

Companies

(“RICs”)

Consisting

of

Investment

Portfolios

(“Portfolios”)

Overseen

Public

Company

and

Other

Investment

Company

Directorships

Held

During

Past

5

Years

Robert

Fairbairn

1965

Trustee

(Since

2018)

Vice

Chairman

of

BlackRock,

Inc.

since

2019;

Member

of

BlackRock's

Global

Executive

and

Global

Operating

Committees;

Co-Chair

of

BlackRock's

Human

Capital

Committee;

Senior

Managing

Director

of

BlackRock,

Inc.

from

2010

to

2019;

oversaw

BlackRock's

Strategic

Partner

Program

and

Strategic

Product

Management

Group

from

2012

to

2019;

Member

of

the

Board

of

Managers

of

BlackRock

Investments,

LLC

from

2011

to

2018;

Global

Head

of

BlackRock's

Retail

and

iShares

®

businesses

from

2012

to

2016.

96

RICs

consisting

of

266

Portfolios

None

John

M.

Perlowski

(e)

1964

Trustee

(Since

2015);

President

and

Chief

Executive

Officer

(Since

2010)

Managing

Director

of

BlackRock,

Inc.

since

2009;

Head

of

BlackRock

Global

Accounting

and

Product

Services

since

2009;

Advisory

Director

of

Family

Resource

Network

(charitable

foundation)

since

2009.

98

RICs

consisting

of

268

Portfolios

None

Trustee

and

Officer

Information

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

116

Officers

Who

Are

Not

Trustees

(a)

(a)

The

address

of

each

Officer

is

c/o

BlackRock,

Inc.,

50

Hudson

Yards,

New

York,

New

York

10001.

(b)

Officers

of

the

Trust

serve

at

the

pleasure

of

the

Board.

Further

information

about

the

Trust’s

Trustees

and

Officers

is

available

in

the

Trust’s

Statement

of

Additional

Information,

which

can

be

obtained

without

charge

by

calling

(800)

441-7762.

Name

Year

of

Birth

(b)

Position(s)

Held

(Length

of

Service)

Principal

Occupation(s)

During

Past

5

Years

Roland

Villacorta

1971

Vice

President

(Since

2022)

Managing

Director

of

BlackRock,

Inc.

since

2002;

Head

of

Global

Cash

Management

and

Head

of

Securities

Lending

within

BlackRock's

Global

Markets

Group

since

2022;

Member

of

BlackRock's

Global

Operating

Committee

since

2016

and

Human

Capital

Committee

since

2023.

Jennifer

McGovern

1977

Vice

President

(Since

2014)

Managing

Director

of

BlackRock,

Inc.

since

2016.

Trent

Walker

1974

Chief

Financial

Officer

(Since

2021)

Managing

Director

of

BlackRock,

Inc.

since

September

2019;

Executive

Vice

President

of

PIMCO

from

2016

to

2019.

Jay

M.

Fife

1970

Treasurer

(Since

2007)

Managing

Director

of

BlackRock,

Inc.

since

2007.

Aaron

Wasserman

1974

Chief

Compliance

Officer

(Since

2023)

Managing

Director

of

BlackRock,

Inc.

since

2018;

Chief

Compliance

Officer

of

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-Income

Complex

and

the

iShares

Complex

since

2023;

Deputy

Chief

Compliance

Officer

for

the

BlackRock-advised

funds

in

the

BlackRock

Multi-Asset

Complex,

the

BlackRock

Fixed-

Income

Complex

and

the

iShares

Complex

from

2014

to

2023.

Lisa

Belle

1968

Anti-Money

Laundering

Compliance

Officer

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2019;

Global

Financial

Crime

Head

for

Asset

and

Wealth

Management

of

JP

Morgan

from

2013

to

2019.

Janey

Ahn

1975

Secretary

(Since

2019)

Managing

Director

of

BlackRock,

Inc.

since

2018.

Effective

July

1,

2023,

Aaron

Wasserman

replaced

Charles

Park

as

Chief

Compliance

Officer

of

the

Trust.

Effective

June

1,

2024,

Lori

Richards

was

appointed

as

a

Trustee

of

the

Trust.

Additional

Information

117

Additional

Information

Tailored

Shareholder

Reports

for

Open-End Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

General

Information 

Quarterly

performance,

semi-annual

and

annual

reports,

current

net

asset

value

and

other

information

regarding

the

Funds

may

be

found

on

BlackRock’s

website,

which

can

be

accessed

at

blackrock.com

.

Any

reference

to

BlackRock’s

website

in

this

report

is

intended

to

allow

investors

public

access

to

information

regarding

the

Funds

and

does

not,

and

is

not

intended

to,

incorporate

BlackRock’s

website

in

this

report.

Householding

The

Funds

will

mail

only

one

copy

of

shareholder

documents,

including

prospectuses,

annual

and

semi-annual

reports,

Rule

30e-3

notices

and

proxy

statements,

to

shareholders

with

multiple

accounts

at

the

same

address.

This

practice

is

commonly

called

“householding”

and

is

intended

to

reduce

expenses

and

eliminate

duplicate

mailings

of

shareholder

documents.

Mailings

of

your

shareholder

documents

may

be

householded

indefinitely

unless

you

instruct

us

otherwise.

If

you

do

not

want

the

mailing

of

these

documents

to

be

combined

with

those

for

other

members

of

your

household,

please

call

the

Funds at

(800)

441-7762.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

blackrock.com/fundreports

.

Availability

of

Proxy

Voting

Policies,

Procedures

and

Voting

Records

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

Funds

voted

proxies

relating

to

securities

held

in

the

Funds'

portfolios

during

the

most

recent

12-month

period

ended

June

30 is

available

without

charge,

upon

request (1)

by

calling

(800)

441-

7762

;

(2)

on

the

BlackRock

website

at

blackrock.com

;

and

(3)

on

the

SEC’s

website

at

sec.gov

.

BlackRock’s

Mutual

Fund

Family

BlackRock

offers

a

diverse

lineup

of

open-end

mutual

funds

crossing

all

investment

styles

and

managed

by

experts

in

equity,

fixed-income

and

tax-exempt

investing.

Visit

blackrock.com

for

more

information.

Shareholder

Privileges

Account

Information

Call

us

at

(800) 

441-7762

from

8:00

AM

to

6:00

PM

ET

on

any

business

day

to

get

information

about

your

account

balances,

recent

transactions

and

share

prices.

You

can

also

visit

blackrock.com

for

more

information.

Automatic

Investment

Plans

Investor

class

shareholders

who

want

to

invest

regularly

can

arrange

to

have

$50

or

more

automatically

deducted

from

their

checking

or

savings

account

and

invested

in

any

of

the

BlackRock

funds.

Systematic

Withdrawal

Plans

Investor

class

shareholders

can

establish

a

systematic

withdrawal

plan

and

receive

periodic

payments

of

$50

or

more

from

their

BlackRock

funds,

as

long

as

their

account

balance

is

at

least

$10,000.

Retirement

Plans

Shareholders

may

make

investments

in

conjunction

with

Traditional,

Rollover,

Roth,

Coverdell,

Simple

IRAs,

SEP

IRAs

and

403(b)

Plans.

Additional

Information

(continued)

2024

BlackRock

Annual

Report

to

Shareholders

118

BlackRock

Privacy

Principles

BlackRock

is

committed

to

maintaining

the

privacy

of

its

current

and

former

fund

investors

and

individual

clients

(collectively,

“Clients”)

and

to

safeguarding

their

non-public

personal

information.

The

following

information

is

provided

to

help

you

understand

what

personal

information

BlackRock

collects,

how

we

protect

that

information

and

why

in

certain

cases

we

share

such

information

with

select

parties.

If

you

are

located

in

a

jurisdiction

where

specific

laws,

rules

or

regulations

require

BlackRock

to

provide

you

with

additional

or

different

privacy-related

rights

beyond

what

is

set

forth

below,

then

BlackRock

will

comply

with

those

specific

laws,

rules

or

regulations.

BlackRock

obtains

or

verifies

personal

non-public

information

from

and

about

you

from

different

sources,

including

the

following:

(i)

information

we

receive

from

you

or,

if

applicable,

your

financial

intermediary,

on

applications,

forms

or

other

documents;

(ii)

information

about

your

transactions

with

us,

our

affiliates,

or

others;

(iii)

information

we

receive

from

a

consumer

reporting

agency;

and

(iv)

from

visits

to

our

websites.

BlackRock

does

not

sell

or

disclose

to

non-affiliated

third

parties

any

non-public

personal

information

about

its

Clients,

except

as

permitted

by

law

or

as

is

necessary

to

respond

to

regulatory

requests

or

to

service

Client

accounts.

These

non-affiliated

third

parties

are

required

to

protect

the

confidentiality

and

security

of

this

information

and

to

use

it

only

for

its

intended

purpose.

We

may

share

information

with

our

affiliates

to

service

your

account

or

to

provide

you

with

information

about

other

BlackRock

products

or

services

that

may

be

of

interest

to

you.

In

addition,

BlackRock

restricts

access

to

non-public

personal

information

about

its

Clients

to

those

BlackRock

employees

with

a

legitimate

business

need

for

the

information.

BlackRock

maintains

physical,

electronic

and

procedural

safeguards

that

are

designed

to

protect

the

non-public

personal

information

of

its

Clients,

including

procedures

relating

to

the

proper

storage

and

disposal

of

such

information.

Fund

and

Service

Providers

Investment

Adviser

and

Administrator

BlackRock

Advisors,

LLC

Wilmington,

DE

19809

Sub-Advisers

BlackRock

Asset

Management

North

Asia

Limited

(a)(b)

Hong

Kong

BlackRock

(Singapore)

Limited

(a)

079912

Singapore

BlackRock

International

Limited

(b)

Edinburgh,

EH3

8JB,

United

Kingdom

Accounting

Agent

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Transfer

Agent

BNY

Mellon

Investment

Servicing

(US)

Inc.

Wilmington,

DE

19809

Custodian

JPMorgan

Chase

Bank,

N.A.

New

York,

NY

10179

Independent

Registered

Public

Accounting

Firm

Deloitte

&

Touche

LLP

Boston,

MA

02116

Distributor

BlackRock

Investments,

LLC

New

York,

NY

10001

Legal

Counsel

Sidley

Austin

LLP

New

York,

NY

10019

Address

of

the

Trust

100

Bellevue

Parkway

Wilmington,

DE

19809

(a)

For

BlackRock

Tactical

Opportunities

Fund.

(b)

For

BlackRock

Emerging

Markets

ex-China

Fund.

Glossary

of

Terms

Used

in

this

Report

119

Glossary

of

Terms

Used

in

this

Report

Currency

Abbreviation

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CNY

Chinese

Yuan

CZK

Czech

Koruna

EUR

Euro

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PLN

Polish

Zloty

SEK

Swedish

Krona

SGD

Singapore

Dollar

THB

Thai

Baht

TWD

Taiwan

New

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Portfolio

Abbreviation

ADR

American

Depositary

Receipts

BBR

Australian

Bank

Bill

Rate

BZDIOVER

Overnight

Brazil

CETIP

—

Interbank

Rate

CD_KSDA

Certificates

of

Deposit

by

the

Korean

Securities

Dealers

Association

CDO

Collateralized

Debt

Obligation

CDI

Crest

Depository

Interests

CNREPOFIX_CFXS

China

Fixing

Repo

Rates

CVA

Certification

Van

Aandelon

(Dutch

Certificate)

CVR

Contingent

Value

Rights

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Interbank

Offered

Rate

GDR

Global

Depositary

Receipts

HIBOR

Hong

Kong

Interbank

Offered

Rate

JIBAR

Johannesburg

Interbank

Average

Rate

LIBOR

London

Interbank

Offered

Rate

MIBOR

Mumbai

Interbank

Offered

Rate

MSCI

Morgan

Stanley

Capital

International

MXIBTIIE

Mexico

Interbank

TIIE

28-Day

NVDR

Non-Voting

Depository

Receipts

OMX

Stockholm

Nordic

Exchange

OTC

Over-the-counter

PCL

Public

Company

Limited

PJSC

Public

Joint

Stock

Company

PRIBOR

Prague

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

REPO_CORRA

Canadian

Overnight

Repo

Rate

SARON

Swiss

Average

Rate

Overnight

SCA

Svenska

Cellulosa

Aktiebolaget

SONIA

Sterling

Overnight

Interbank

Average

Rate

SOFR

Secured

Overnight

Financing

Rate

SORA

Singapore

Overnight

Rate

Average

STIBOR

Stockholm

Interbank

Offered

Rate

THOR

Thailand

Overnight

Repo

Rate

ON

TWCPBA

Taiwan

Secondary

Markets

Bills

Rate

WIBOR

Warsaw

Interbank

Offered

Rate

Want

to

know

more?

blackrock.com

|

800-441-7762

This

report

is

intended

for

current

holders.

It

is

not

authorized

for

use

as

an

offer

of

sale

or

a

solicitation

of

an

offer

to

buy

shares

of

the

Funds

unless

preceded

or

accompanied

by

the

Funds’

current

prospectus.

Past

performance

results

shown

in

this

report

should

not

be

considered

a

representation

of

future

performance.

Investment

returns

and

principal

value

of

shares

will

fluctuate

so

that

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Statements

and

other

information

herein

are

as

dated

and

are

subject

to

change.

ESGIMPTO-04/24-AR

Item 2 – Code of Ethics –

The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.  During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes.  During the period covered by this report, there have been no waivers granted under the code of ethics. The

registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Deloitte & Touche LLP (“D&T”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Emerging Markets ex-China Fund	$34,986	$31,824	$0	$0	$16,328	$16,300	$0	$0
BlackRock Sustainable Advantage Emerging Markets Equity Fund	$31,212	$31,212	$407	$4,044	$16,328	$18,700	$0	$218
BlackRock Sustainable Advantage Global Equity Fund	$28,091	$0	$0	$0	$16,300	$8,150	$0	$0
BlackRock Sustainable Advantage International Equity Fund	$31,212	$31,212	$407	$4,044	$16,328	$18,700	$0	$218
BlackRock Tactical Opportunities Portfolio	$57,222	$57,222	$407	$44	$28,960	$29,000	$0	$218

The following table presents fees billed by D&T that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees 3	$2,149,000	$2,154,000

1

The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

2

The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

3

Non-audit fees of $2,149,000 and $2,154,000 for the current fiscal year and previous fiscal year, respectively, were paid to the Fund’s principal accountant in their entirety by BlackRock, in connection with services provided to the Affiliated Service Providers of the Fund and of certain other funds sponsored and advised by BlackRock or its affiliates for a service organization review and an accounting research tool subscription.  These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services.  Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee.  The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant.  Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”).  The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period.  Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project.  For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

                        Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services).  The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting.  At this meeting, an analysis of such services is presented to the Committee for ratification.  The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2)  None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g)

The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Emerging Markets ex-China Fund	$16,328	$16,300
BlackRock Sustainable Advantage Emerging Markets Equity Fund	$16,735	$22,962
BlackRock Sustainable Advantage Global Equity Fund	$16,300	$8,150
BlackRock Sustainable Advantage International Equity Fund	$16,735	$22,962
BlackRock Tactical Opportunities Portfolio	$29,367	$29,262

              Additionally, the amounts billed by D&T in connection with services provided to the Affiliated Service Providers of the Fund and of other funds sponsored and advised by BlackRock or its affiliates during the current and previous fiscal years for a service organization review and an accounting research tool subscription were:

Current Fiscal Year End	Previous Fiscal Year End
$2,149,000	$2,154,000

              These amounts represent aggregate fees paid by BlackRock and were not allocated on a per fund basis.

              (h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and

the Affiliated Service Providers

that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

               (i) – Not Applicable

               (j) – Not Applicable

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

 
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 –  Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 9 –  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)

that occurred during the period covered by this report

that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 13 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 14 – Exhibits attached hereto

              (a)(1) Code of Ethics – See Item 2

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the Registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

<<section302>>

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 –

Not Applicable

(a)(5) Change in Registrant’s independent public accountant –

Not Applicable

(b) Section 906 Certifications are attached

<<section906>>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Funds

^SM

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: June 24, 2024 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ John M. Perlowski

John M. Perlowski

Chief Executive Officer (principal executive officer) of

          BlackRock Funds

^SM

Date: June 24, 2024 

By:     /s/ Trent Walker

          Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds

^SM

Date: June 24, 2024